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UPDATE: MySpace – SOLD, Refocusing On Music

LOS ANGELES (Hypebot) – MySpace has been sold to ad network Specific Media for a reported $35 million.

News Corp, which paid $580 million for MySpace in 2006, had hoped to get as much as $100 million for the struggling social network.

Sources are reporting that MySpace will refocus on music, after failed attempts to broaden to a more general entertainment site. Musicians have been moving away from MySpace in recent months, and new owners will have to make drastic changes to reverse that trend.

50 Staff Cut & More:

The deal includes cutting half of Myspace’s staff of 400 according to AllThjingsD. Myspace CEO Mike Jones confirmed that he will be leaving the company in a letter to employees today.

Specific Media is an online advertising company. Founded in 1999 by brothers Tim, Chris and Russell Vanderhook, Specific Media is headquartered in Irvine, CA.