Myspace has a new status: Sold.

FOX News Radio's Lisa Brady has details in this edition of "FOX on Tech"...

Myspace is one of the pioneers of social networking, but was overtaken by Facebook's meteoric rise.  And now, News Corporation, parent company of FOX News Radio, is cutting Myspace loose, reportedly for a fraction of the purchase price paid six years ago.

The buyer: online advertising giant Specific Media, which does have a plan.  Pop star Justin Timberlake signing on as part-owner and creative game-changer to revitalize the site.  As part of the deal, NewsCorp gets a minority stake in Specific Media, and layoffs are coming at Myspace.