News Corp. is understood to be retaining a minority stake in MySpace having paid $581m for the social network in July 2005 from VC firms VantagePoint Venture Partners and Redpoint Ventures.
Specific Media, a US-based online advertising network backed by three venture capital firms, and pop star Justin Timberlake have agreed to acquire social network MySpace from publisher News Corporation for a reported $35m.
News Corp. is understood to be retaining a minority stake in MySpace having paid $581m for the social network in July 2005 from VC firms VantagePoint Venture Partners and Redpoint Ventures.
Specific Media is backed by Francisco Partners, Enterprise Partners and Shepherd Ventures.
