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News Corp has sold struggling social networking site MySpace for $US35 million ($33.5 million), mostly in stock, according to a person familiar with the matter.

The deal values MySpace at a fraction of what News Corp paid for the site six years ago.

The sale to online advertising network operator Specific Media is expected to close later on Wednesday, a day before the end of News Corp’s fiscal year.

News Corp will maintain less than a five per cent stake in the company.

The person was not authorised to speak publicly and spoke on condition of anonymity.

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