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.
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.
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.
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 27, 2011 |
Just a week after acquiring Myspace, Orange County brothers Tim and Chris Vanderhook strolled through the firm's Beverly Hills headquarters and settled into a corner office with a stunning view of the Hollywood Hills. It could not have been a better backdrop for the duo who see Myspace's future in Justin Timberlake, Hollywood producers and rock bands. "We are going to make Myspace cool again," said Tim, the chief executive of Specific Media. The little-known online advertising company from Irvine paid $35 million for Myspace, once the world's largest social network worth $65 billion.
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.
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.
January 4, 2011 |
Struggling social network MySpace is poised to lay off about half its staff, spurring speculation that it may be radically reducing overhead to prepare for a sale. The News Corp.-owned site is expected to cut 50% of its 1,100 employees in mid-January, a person with knowledge of the matter confirmed. The reductions were first reported by the Wall Street Journal technology blog All Things Digital. The cuts are seen by some industry observers as a prelude to even deeper reductions needed to restore the website to profitability and lure potential buyers.
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.