News Corp. bought MySpace for $580 million in 2005
Over the last 11 quarters, News Corp. had cumulatively lost about $1.4 billion on the business segment that houses MySpace.
Pop star Justin Timberlake is part of a group that said Wednesday it will buy MySpace from News Corp.
The deal is for $35 million, mostly in Specific Media stock, according to a person familiar with the matter.
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