Remember Myspace?

6 years after News Corp. paid $585 million for the once-popular social networking website Myspace, the New York Times is reporting that the site has now been sold for a small fraction of that price.

Advertising firm Specific Media has acquired Myspace from News Corp. for just $35 million.  Although many of Myspace’s former-users will question the price tag being that high, analysts still project Myspace to to generate $180+ million this year.

Musician Justin Timberlake is reported to have a stake in this “new Myspace.”  He believes with some revamping, the site “has the potential to be that place where fans can go to interact with their favorite entertainers, listen to music, watch videos, share and discover cool stuff and just connect.”

From 2005-2009 Myspace was a popular social networking website, but suffered a mass exodus over the last few years when people began abandoning the site for the more user-friendly, more-professional, and (eventually) more-popular Facebook.