June 30, 2011 - 13:43 AMT
Social network MySpace sold once again

Social network MySpace has been sold once again.

The buyer is digital-media company Specific Media, which purchased the site from News Corp. for reportedly $35 million.

According to CNET News, in a statement about the sale, Specific Media CEO Tim Vanderhook said: "Myspace is a recognized leader that has pioneered the social media space. The company has transformed the ways in which audiences discover, consume and engage with content online."

As part of the deal, Swisher says MySpace's staff of 400 will be cut in half, and more layoffs were on the way.

MySpace was purchased by News Corp. in 2005 for a whopping $580 million as a way to help drive traffic to Fox's TV and media efforts.

MySpace underwent a massive redesign last year in an attempt to shed the site's stigma of lagging behind rival Facebook. This included adding a trending topics feature, and more media on profile pages to better integrate media from other properties.