Specific Media, a digital media company, today announced it has acquired Myspace from News Corporation. As part of the agreement, News Corporation will take a minority equity stake in Specific Media. Additional terms of the agreement are confidential and will not be disclosed. However, the deal is for $35 million, according to sources.

"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," said Tim Vanderhook, Specific Media CEO. "There are many synergies between our companies as we are both focused on enhancing digital media experiences by fueling connections with relevance and interest. We look forward to combining our platforms to drive the next generation of digital innovation."

Advertising company Specific Media will team with pop singer Justin Timberlake to acquire Myspace.

Rupert Murdoch's News Corp swooped in to buy Myspace for $580 million in 2005. At the time, Myspace was among the world's most popular websites. Since then, however, Facebook has eclipsed Myspace in popularity.