MySpace Sold To Specific Media?

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And so, that’s it. Kind of. The end of an era. Maybe. Or not. But the reports have emerged nonetheless saying that the sale of MySpace is but a few crossed t’s and dotted i’s away from being complete, and News Corp has reportedly sold out to Specific Media.

We talked about Specific yesterday, in a rundown of the various suitors going after the beleaguered social networking site. And the news is about as good as it could get for News Corp: not only has Specific reportedly paid the full $35 million for MySpace (about as much as News Corp figured it could get), but News Corp has even managed to retain just a tiny sliver of ownership in the company, which is terrific for them if Specific Media can manage to operate the place a little better than News Corp did (which is to say, staunch the hemorrhage of cash pouring out in its operations) and get it back to something like profitability.

No one’s got anything official yet to say about it, of course, and that’s why we’re saying that this is just reportedly the case. Like I said earlier, probably plenty of bits and pieces needing assembled before you can officially call it a sale, but still.

It’s been quite a ride seeing where MySpace has gone over the years, and considering MySpace’s future in a world where Facebook pretty much dominates the landscape is an exercise that would beggar the imaginations of even the greatest philosophers. There are a whole lot of possibilities for Specific Media to undertake in a bid to get MySpace back to profitability (and probably a few ways News Corp could actually help out with). I’ve got a few ideas myself–stick around for that on Friday–but for now I’ll open up the floor to you.

What do you guys figure Specific Media could do to get MySpace back on its feet? Or has MySpace simply passed its time, and it’s now just a poison pill waiting to suck the lifeblood and cash out of a new host? However you feel about it, we’re waiting to hear from you down in the comments section!