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Six years after it bought the site for $580 million, News Corp has agreed to sell MySpace to Specific Media, a California-based online advertising network, for $35 million. The deal also gives News Corp a 5% stake in Specific Media.

In 2006 and 2007, Myspace was the most popular social networking site in the United States, however by about April of 2008, Myspace was overtaken by its main competitor, Facebook.

Quantcast estimates MySpace's monthly U.S. unique visitors at 19.7 million as of May 2011. The site ranking of Myspace as of June 2011 was 80, as opposed to the number 2 position held by Facebook.

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