Last June, Specific Media paid just $35 million to acquire MySpace from News Corporation. It was a humbling price for the social networking web site that at one time was one of the biggest Internet properties. At the time Specific Media said that one of its investors, pop singer Justin Timberlake, would "play a major role in developing the creative direction and strategy for the company moving forward." While Specific Media was supposed to announce its specific plans for MySpace by now, The Wall Street Journal is now reporting that those plans have been pushed back.
Specific Media said back in June that they were looking to turn MySpace into a destination for original music, videos and other shows. But the new report now claims that those plans have taken longer than first anticipated to work out. Specific Media now plans to reveal its revamp plans for MySpace in October during Advertising Week, the annual get together for the ad industry in New York City.