MySpace, one of the first social networking sites, was bought by Specific Media along with Justin Timberlake for $35 million. Facebook's popularity has lead to the downfall of MySpace whose members have decreased in the US by an estimated 40 million in 2011.
MySpace was bought by Rupert Murdoch's News Corp for $580 million in 2005 from its founders Chris De Wolfe and Tom Anderson. The decrease in popularity of MySpace has resulted in a loss of about $165 million for News Corp.
One of the consequences of the 2011 transaction is that 250 workers will be laid off. It is believed that Justin Timberlake's role will be significant in cultivating a fresh approach for the new MySpace.