News Corp. Sells Myspace for a Song

News Corp. sold music and entertainment website Myspace to a little-known ad-targeting firm, shedding a onetime Internet success whose steady slide had been a distraction at the media conglomerate for years.

Specific Media LLC, which emerged as a front-runner for the site only in recent days, will pay $35 million in cash and stock for the site, according to people familiar with the matter, a major comedown for a property that was acquired for $580 million just six years ago.

Whether the new owner can turn around Myspace's performance remains to be seen. Specific Media, which sells ads on other websites, said it was teaming up with actor and pop star Justin Timberlake to "rebuild and reinvigorate" Myspace by making it a place to consume media and connect with entertainers, a strategy several rounds of Myspace managers have pursued unsuccessfully for years. Mr. Timberlake invested an undisclosed amount in the company.