When you buy something for $580 million, the goal is not to part with it for $35 million a few years later. Yet that’s exactly what News Corp has done, ending its 6-year ownership of the sputtering social networking site by selling it for scrap.

Don’t feel bad for News Corp, which made its money back when it struck an advertising deal with Google. Do feel bad for MySpace’s remaining employees, though. All Things D reports the sale to ad network Specific Media mandates massive cuts, including layoffs of half of MySpace’s 400 workers.

Exclusive: MySpace to Be Sold to Specific Media for $35 Million [All Things D]

Want more consumer news? Visit our parent organization, Consumer Reports, for the latest on scams, recalls, and other consumer issues.