MySpace LogoMySpace has reportedly been sold for $35 Million to an advertising network called Specific Media. We heard rumors yesterday that the sale might come this week., with the major competitors being Specific Media and a private equity firm called Golden Gate Capital.

According to All Things Digital, the deal between News Corp and Specific Media will close today, with News Corp retaining 5-10% of the company. As part of the deal half of MySpace's current 400-person workforce will also likely be cut, and top-level executives will only stick around through a short transition period.

News Corp originally purchased MySpace is 2005 for $580 million. The fiscal year ends on Thursday, and the company was reportedly trying to upload MySpace before a new year on the books began. Several others reportedly bid on the site, including the original co-founders, Chris DeWolfe and Tom Anderson.

I know I haven't logged into my MySpace account in several years (and I'm not sure I even remember the password if I wanted to). It'll be interesting to see what Specific Media decides to do with the site. According to a Wall Street Journal report yesterday "A Myspace deal would give the company access to data about Myspace users to be used for ad targeting. It also would transform the firm into a media company with its own ad space to sell instead of simply an online ad technology firm that brokers ad space on behalf of other websites."

What do you think will come of the once popular social networking site?