Over the weekend, Facebook Director of Product Blake Ross led an initiative to build a browser bookmarklet called “Don’t Be Evil.” Ross built the bookmarklet to rewrite Google’s personalized search results to include content from other social networks like Twitter, Facebook, Tumblr, and MySpace rather than just Google+. The engineers also launched a website for the tool and called it Focus On The User.

News Corporation (NASDAQ:NWSA) had lost $254 million on their acquisition of MySpace said News Corp. This pushed News Corp.’s Q4 net income down 22% to $683 million.

Today Myspace sold to Specific Media for $35 million, but the surprising part of the sale is that Justin Timberlake will be taking an ownership stake in the company. In a move reminiscent of Lady Gaga’s partnership with Polaroid, Timberlake will be more than just a name associated with the company: according to Mashable, he will be contributing his vision to Myspace as well. Another report from Mashable says that Myspace’s CEO Mike Jones will be leaving the company after a transition period. Specific Media, an advertising network, plans to focus Myspace on entertainment.

Myspace is currently subject to a lot of rumors, from layoffs to sale, and should be done with their acquisition deal by Thursday. All Things D reports that Specific Media and Golden Gate Capital are the frontrunners in the deal, both with plans to focus on Myspace’s music services. Before the deal finalizes Myspace will likely cut its staff—some say by 50%, maybe more.

Dmitry Shapiro is the former MySpace Music CTO. Shapiro has raised funding from investors that include Draper Fisher Jurvetson to launch an alternative to Facebook called Altly. Altly will be a social network that has strong privacy controls and data ownership.

News Corporation (NASDAQ:NWSA) is in talks to acquire UGO.com from Hearst. News Corp. is planning to spin off IGN.com and sell off MySpace. News Corp. and Hearst have been discussing the deal through the weekend and an official announcement could be coming soon. Roy Bahat, the head of IGN.com, will most likely end up running UGO.com after IGN is spun off. IGN is expected to make $10 million this year on revenues of $100 million. News Corp. acquired IGN for $650 million in 2005. [AllThingsD]

MindJolt is a gaming company that is run by MySpace co-founder Chris DeWolfe. DeWolfe left MySpace a few years after News Corporation acquired the social network company.

News Corporation (NASDAQ:NWSA) social network subsidiary MySpace.com used to be the largest website in the world. Now it is at #72 (Alexa) and revenues have been slipping at the company big time. In 2008, MySpace hit $900 million, but one year later the top executives at the company started to depart. According to a pitchbook leaked to TechCrunch, MySpace’s revenue for fiscal 2011 ending June 2011 is expected to be around $109 million with expenses being projected to be around $274 million.