For someone the surprise is that the social network MySpace still exists, for someone else it’s that it found a buyer. Specific Media will pay $35 million, partly in cash and partly in shares, to buy MySpace. It seems that News Corporation will retain a 5% ownership of the social network.

MySpace was born in 2003 and launched the following year. In 2006 it was the most popular social network in the U.S.A. and remained so until 2008, when it was overtaken by Facebook in the number of visitors. Since then for MySpace it’s been a continuous decline and this has also led to the lay-off of many employees.

In June 2005, when MySpace was reaching the zenith of its importance, Rupert Murdoch’s News Corporation bought the social network for $580 million. Later, local versions of MySpace were launched in various nations contributing to its success.

Despite the changes introduced over time MySpace was overtaken by Facebook and the rival’s success led to a gradual abandonment by users. A few months ago News Corporation put the social network for sale but the losses of the last quarter of 2010 were over $150 million so noone offered the minimum of $100 million requested by Rupert Murdoch’s company. At the end yesterday’s announcement of the MySpace sale came for a figure which is less than a tenth of that paid six years ago.

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Specific Media is a company specialized in Internet advertising and in the acquisition of MySpace it’s not alone: it was announced that singer Justin Timberlake is getting a share of the social network and will have an important role in the company’s strategy to try to restore MySpace the its old glory.

Of course now everyone is wondering if it’s really possible to revive MySpace. The social network has maintained a reputation in the music field with the possibility for singers and bands to advertise online and interact with fans. A person famous in that field such as Justin Timberlake can certainly help to turn MySpace luck around, but will that be enough? Anyway it seems that the social network is going to specialize more than ever.

For the moment the official announcement informs us that Specific Media and Justin Timberlake will reveal their vision for MySpace in a press conference to be held during this summer. We can only wait and see how the social network will be renewed to see if there are any real hopes of a resurrection.