Digital Trends – During a conference call today concerning the News Corp. fiscal fourth quarter earnings report, it was reported that the news giant lost $254 million on the sale of MySpace to Specific Media on June 29. This loss pushed net income for the company down by 22 percent. Murdoch purchased MySpace in 2005 for $580 million, but watched the investment rapidly lose value as MySpace members defected to Facebook in massive numbers. Management at MySpace attempted to revitalize the image of the social network in 2010, but traffic continued to plummet through early 2011.