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

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.

News Corp bought the site for $580 million from its original owners, but MySpace’s traffic has plummeted in recent years.

All Things Digital reports that the deal will close Wednesday but has not yet been signed. News Corp. will reportedly 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 goes through, and it’s likely that any further iterations will focus on music.

We’ve reached out to MySpace for comment.