News Corp. sewed up a deal for MySpace today, and the network’s CEO, Mike Jones, will be stepping down in two months.

Kara Swisher at All Things Digital reported first that News Corp. would sell the social network to Specific Media for $35 million.

That’s well below the $100 million asking price and far, far below the $580 million News Corp. paid to acquire MySpace’s parent company Intermix Media in 2005.

Swisher reported that the “sources close to the situation” say the deal will be announced today.

Reports surfaced earlier this week that the company was set to go through yet another round of layoffs, cutting at least 150 of its 400 remaining employees.

According to TechCrunch, Jones sent a press release announcing the deal to all employees.