Rupert Murdoch might be happy that he has finally dumped the social notworking site Myspace on gyrating popular beat combo artist Justin Timberlake but it is finally getting revealed how much the outfit cost him.

News Corp has admitted in its  fiscal fourth quarter earnings report, that it 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 bought MySpace in 2005 for $580 million.

The problem was that MySpace members defected to Facebook in droves and management at MySpace attempted to revamp the social network in 2010, but traffic continued to fall Murdoch tried to flog the social network up for sale in early 2011 but could not find someone who wanted to pay $100 million for it.

Timberlake,and Specific Media picked up the site for  $35 million.