On June 29, 2011, Myspace announced to label partners and press via email that it had been acquired by Specific Media for an undisclosed sum, rumored to be a figure as low as $35 million.[69][70] CNN reported that Myspace sold for $35 million, and noted that it was "far less than the $580 million News Corp. paid for Myspace in 2005."[71] Rupert Murdoch went on to call the Myspace purchase a "huge mistake."[72] Time Magazine compared News Corporation's purchase of Myspace to Time Warner's purchase of AOL – a conglomerate trying to stay ahead of the competition.[5] Many former executives have gone on to further success after departing Myspace.[73]