The day that the web has been buzzing about has finally come: MySpace has been sold, to an advertising network called Specific Media for a mere $35 million.

CEO Mike Jones will be leaving the company, and it seems that so will a good portion of the staff.

Says Jones in an email: "In conjunction with the deal, we are conducting a series of restructuring initiatives, including a significant reduction in our workforce. I will assist Specific with the transition over the next two months before departing my role as MySpace CEO."

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News Corp. declared it was ready to sell MySpace in an earnings call in February. The media company was reportedly hoping to get $100 million out of the sale.

In 2005, News Corp. bought the site for $580 million from its original owners, but MySpace's traffic has plummeted in recent years. All Things Digital reported that News Corp. will still hold a 5% to 10% stake in the company.

Other reports this week indicated that close to 50% of the site's staff could be cut after the sale, and it's likely that any further iterations of the service will focus on music.