January 12, 2011 |
Rupert Murdoch, the head of media giant News Corp., was brimming with confidence when his firm's Myspace was the reigning social networking site three years ago, noting it was "not just looking up friends," as rival Facebook was doing. Now Myspace could use some friends. Hobbled by dramatic declines in advertising revenue and monthly visitors, Myspace announced a sweeping restructuring Tuesday that will result in the loss of 500 jobs worldwide, or about 47% of the workforce at the Beverly Hills company.
June 18, 2010 |
Management turmoil continues at struggling MySpace, as the social networking site shed another top executive Thursday. Former MTV and Sling Media executive Jason Hirschhorn quit as co-president, a job he took just four months ago, to return to New York. He could not be reached for comment. Hirschhorn's departure after just over a year at MySpace raises new questions about corporate parent News Corp.'s prospects of reviving the slouching fortunes of MySpace. The onetime sizzling hot Internet property has in recent years suffered from sagging advertising revenue and lower online traffic as Facebook has overtaken it as the world's most popular social networking site.
October 4, 2011 |
Myspace has kicked off what its new owners hope will be its comeback tour. The site's senior executives joined with creative partner Justin Timberlake in outlining plans Monday to return Myspace to its musical roots. Their presentation for top advertisers gathered at Radio City Music Hall in New York was followed by a VIP concert whose lineup included contemporary artists Far East Movement, Natasha Bedingfield and B.o.B. The splashy promotional affair came three months after Irvine advertising firm Specific Media bought Myspace for $35 million and touted Timberlake's ability to lend cachet to the once-dominant social network that long ago lost its magnetism.
June 30, 2011 |
Myspace was once the Internet's equivalent of the hottest nightclub in town. In its heyday, the world's dominant social network attracted some 3 million bands, 8,000 comedians and countless filmmakers and wannabes who came to see and be seen. Now, Myspace is seemingly no place — a digital castoff that corporate parent News Corp. sold for $35 million in cash and equity to an Orange County digital media firm specializing in online advertising. That's a fraction of the $580 million that the media giant controlled by Rupert Murdoch paid to acquire the site a scant six years ago, and well shy of its one-time $65-billion valuation.
April 5, 2008 |
Social-networking website MySpace settled copyright claims by Vivendi's Universal Music Group after announcing a deal to sell music online. Universal asked a U.S. District judge in Los Angeles to dismiss the infringement case, saying it had reached a confidential accord with Beverly Hills-based MySpace.
July 24, 2005
Sallie Hofmeister's article on MySpace.com tells nothing of the dangers of this website for our children ("Amid a Plethora of Parodies, MySpace Has Become His," July 21). Ms. Hofmeister refers to these children as "young hipsters" when, in fact, an alarming number of them are children from 10 to 15 years old. These children give out far too much personal information with pictures, the cities they live in, where they hang out, go to school, etc. MySpace is a virtual candy store for pedophiles.
February 4, 2009 |
MySpace has identified and removed 90,000 registered sex offenders from its social networking site over the last two years, the Beverly Hills company confirmed Tuesday, nearly double the number previously acknowledged. About 50,000 sex offenders had been identified as using the popular site until the new numbers were released Tuesday, the attorneys general for Connecticut and North Carolina said in a statement.
June 29, 2011 |
Orange County advertising network Specific Media and Bay Area private equity firm Golden Gate Capital are finalists in the bidding for struggling social network Myspace, people familiar with the matter confirmed. News Corp. had hoped the once-dominant Myspace would fetch as much as $100 million, but bidding is in the range of $20 million to $30 million in cash and stock, said the people, who declined to be identified because talks are confidential. The media giant, which is controlled by Rupert Murdoch and paid $580 million for Myspace in July 2005, would retain a minority stake in the site, a person familiar with the matter has said.
May 5, 2011 |
News Corp. can't get MySpace off the books fast enough. Losses at the struggling social network nearly erased the strong gains recorded by the media company's television group, which saw a 23% jump in revenue in the quarter ending March 31 thanks to advertising for the National Football League playoff games and Super Bowl broadcast. The business unit that includes MySpace reported an operating loss of $165 million because lower advertising and search revenues were only partly offset by lower expenses, the company said.
December 17, 2010 |
MySpace and Google Inc. have renewed and expanded their search and advertising relationship under a long-term deal that no longer assures the social network lucrative guaranteed payments, according to a person familiar with the matter. Google will continue to provide search and the advertising related to it on MySpace, as it has since 2006, and will begin also offering display advertising services. MySpace will join the Google Display Network, a group of more than 1 million websites that allocate a part of their ad space for Google to sell advertising and share revenue.