The Wall Street Journal’s All Things Digital is reporting that Orange County’s Specific Media has bought MySpace from News Corp. for $35 million.  The deal has not been officially signed off on but is being completed today, according to their sources.

Newscorp. bought MySpace back in 2005 for $580 million.

News Corp. had hoped to get $100 million for what was once one of the hottest properties on the internet.

An article in yesterday’s Wall Street Journal described Specific Media and speculated on a deal:

“Founded in 1999 by Tim Vanderhook and his brothers Chris and Russell, Specific Media helps marketers buy digital ads across the Web, online video, mobile and even the TV. The Irvine, Calif., company got its start brokering ad space for websites and quickly moved into the fast-growing business of collecting and using Web browsing, demographic, geographic and other profile information about consumers to target ads. The company now ranks among the largest online advertising networks in the country, reaching 170.9 million unique U.S. visitors in May, or about 79% of the U.S. Internet users, according to comScore Inc.

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.

Specific Media’s executive team includes knowledge of the inner-workings at Myspace, with two executives who previously worked at Fox Audience Network, News Corp.’s online advertising unit that sold ads for Myspace.

Specific Media has raised more than $110 million in funding, closing a $100 million round of financing from private-equity firm Francisco Partners in 2007. Since then, the company has acquired a couple of digital advertising companies, including online video company Broadband Enterprises and an Amsterdam ad technology company.”