"Once hugely popular, MySpace has been struggling to remain relevant for a long time. Sold to News Corp in 2005 for nearly $600 million dollars, the company's fall from grace has been slow but steady. A recent redesign attempted to revitalize the service but, for the most part, the company can't seem to regain its footing. Still, change could be on the horizon as the social network now has a new owner. Specific Media this week announced that it had purchased MySpace for just $35 million. MySpace's previous owner, News Corp, will hold onto a five percent stake in the company.