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News Corp. to pay $580 million for MySpace.com

RossMAN

RossMAN

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Anyone else jealous?

News Corp. to pay $580M for Intermix
Deal results in new owner of social site MySpace.com

By Bambi Francisco, MarketWatch
Last Update: 10:55 AM ET July 18, 2005

SAN FRANCISCO (MarketWatch) -- In a bid to build an Internet media network, News Corp. grabbed the wildly popular social-networking site MySpace.com by agreeing to acquire majority shareholder Intermix Media for $580 million in cash.

News Corp. (NWS: news, chart, profile) said it would pay $12 per share for Intermix.

On the news, Intermix Media (MIX: news, chart, profile) shares rose 9.3% to $11.72.

Separately, Intermix exercised its option to buy the 47% stake of MySpace.com that it didn't already own.

News Corp. plans to incorporate MySpace.com and Intermix's 30 other Websites into its newly formed Fox Interactive Media unit. The new additions will nearly double News Corp.'s U.S. Web traffic to more than 45 million unique monthly visitors, according to the companies.

Intermix's network of sites had 27 million unique monthly visitors.

But it's MySpace.com that is the big success within that network. MySpace, which enables people to write Web logs and share music, among other social activities, accounts for about one-quarter to a one-third of Intermix's sales, according to some estimates. See Net Stocks: Buy Intermix for MySpace?

MySpace.com, a so-called social-networking site, has attracted 18.5 million members from the coveted 16-to-34-year-old demographic group.

It's also drawing 2 million registered users per month, according to Chris DeWolfe, chief executive of MySpace, in a recent interview. MySpace is the fifth-ranked Web domain in terms of page views, according to comScore Networks, an Internet research firm.

The transaction is expected to close in the fourth quarter, subject to shareholder approval and other customary conditions.
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The only reason I joined, and I suspect many people, is so I could see the member only galleries of a hot girl.
 
Originally posted by: sygyzy
The only reason I joined, and I suspect many people, is so I could see the member only galleries of a hot girl.
Click to expand...

Link to said pictures or ban! 😛
 
I feel like crap...Back 3 or 4 years ago, I saw this concept of blogging, and I was like, "man, that'll never take off. Its soo stupid."

Guess I was wrong.
 
MySpace is great for those who know just a little bit about building webpages.

I use it just because everyone else does, but it will never replace my WordPress blog on my own personal site. 🙂
 
Originally posted by: L3p3rM355i4h
I feel like crap...Back 3 or 4 years ago, I saw this concept of blogging, and I was like, "man, that'll never take off. Its soo stupid."

Guess I was wrong.
Click to expand...

Funny because I STILL don't see the concept of a blog. I understand some people like to keep a journal of their thoughts, and since the internet became common there was already something called LiveJournal.com that accomplished that. I just don't see the recent media hype about blogs
 
Originally posted by: TommyVercetti
Originally posted by: L3p3rM355i4h
I feel like crap...Back 3 or 4 years ago, I saw this concept of blogging, and I was like, "man, that'll never take off. Its soo stupid."

Guess I was wrong.
Click to expand...

Funny because I STILL don't see the concept of a blog. I understand some people like to keep a journal of their thoughts, and since the internet became common there was already something called LiveJournal.com that accomplished that. I just don't see the recent media hype about blogs
Click to expand...

Blog is a buzzword, it'll wear off after awhile.
 
Originally posted by: L3p3rM355i4h
I feel like crap...Back 3 or 4 years ago, I saw this concept of blogging, and I was like, "man, that'll never take off. Its soo stupid."

Guess I was wrong.
Click to expand...


Dude, I had the idea of Friendster when I was back in School. If only I dropped out to write it then. Bastages.

"I'm the real Friendster."




KS
 
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