News Corp. Sells Myspace For $35 Million

Pop singer Justin Timberlake is teaming up with an online advertising company to buy the social networking site MySpace. Six years ago, Rupert Murdoch's News Corp. bought the social networking site for a hefty $580 million.

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STEVE INSKEEP, host:

And today's last word in business is life imitates art.

Pop singer Justin Timberlake played the role of an Internet entrepreneur in the movie "The Social Network," and now he wants to do it in real life. Timberlake is teaming up with an online advertising company to buy the social networking site MySpace.

When MySpace was hot way back when, a few years ago, Rupert Murdoch's giant News Corp bought it for more than $500 million. People cast that move as an old media company proving it was on the cutting edge. And then MySpace floundered as Facebook grew in popularity. Now News Corp is selling for less than one-tenth of the purchase price.

Justin Timberlake and his partners are picking up the site for $35 million.

And that's the business news on MORNING EDITION from NPR News. I'm Steve Inskeep.

RENEE MONTAGNE, host:

And I'm Renee Montagne.

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