Investigation of rumor spread dynamics and its control in social networking sites (SNS) has become important as it may cause some serious negative effects on our society. Here we aim to study the rumor spread mechanism and the influential factors using epidemic like model. We have divided the total population into three groups, namely, ignorant, spreader and aware. We have used delay differential equations to describe the dynamics of rumor spread process and studied the stability of the steady-state solutions using the threshold value of influence which is analogous to the basic reproduction number in disease model. Global stability of rumor prevailing state has been proved by using Lyapunov function. An optimal control system is set up using media awareness campaign to minimize the spreader population and the corresponding cost. Hopf bifurcation analyses with respect to time delay and the transmission rate of rumors are discussed here both analytically and numerically. Moreover, we have derived the stability region of the system corresponding to change of transmission rate and delay values.