MySpace Sold, Justin Timberlake Part Of New Owners
June 30, 2011

Rupert Murdoch's News Corp has sold off MySpace, for a fraction of the price it was bought for in 2005. The buyer, Specific Media, reportedly paid $35 million for the social networking site, which has seen its popularity dwindle as Facebook passed it by. Murdoch originally paid $580 million in 2005.

Specific Media also announced that actor/musician Justin Timberlake is an investor in the group and will have a hands-on role in the company. In a statement, the company said, "As part of the deal, Emmy and Grammy winning artist Justin Timberlake will also take an ownership stake and play a major role in developing the creative direction and strategy for the company moving forward. Specific Media and Timberlake plan to unveil their vision for the site in an exclusive press conference later this summer."

Specific Media CEO Tim Vanderhook stated, "MySpace is a recognized leader that has pioneered the social media space. The company has transformed the ways in which audiences discover, consume and engage with content online."

"There are many synergies between our companies as we are both focused on enhancing digital media experiences by fueling connections with relevance and interest," he added. "We look forward to combining our platforms to drive the next generation of digital innovation."

Unfortunately, according to AllThingsD, roughly half of MySpace's workforce of approximately 400 will be laid off as part of the transition. MySpace CEO Mike Jones announced in a memo yesterday that he will soon be stepping down for the company, and mentioned additional "restructuring initiatives," according to CNet.




 
Breaking News
iHeartMedia Promotes Senior Programmers To Executive Vice Presidents
CBS Radio Celebrates Grammy Awards With Over-The-Air & Digital Programming
February 9, 2016
RAB: Radio Increasing Focus On Digital Sales
107.1 The Brew Is Sacramento's New Home For Rock
In Brief - February 9, 2016
February 8, 2016
"Saturday Night Online" Rebrands As "Most Requested Live With Romeo"
iHeartMedia Names Travis Moon Director of Country Operations for the Austin-San Antonio Region
Entercom Kansas City Announces Appoints Alan Furst PD Of KMBZ
February 5, 2016
Stu Bergen Named CEO, International & Global Commercial Services For Warner Music Group
JoJo Turnbeaugh Named SVP of Programming for iHeartMedia Las Vegas
In Brief - February 5, 2016
February 4, 2016
John Strazza Joins RECORDS
Greater Media Promotes Buzz Knight to SVP of Program Development
MIWs Announce Results from 2015 Gender Analysis
February 3, 2016
Leslie Moonves Named Chairman Of CBS Corporation
FADER Label Annouces New Distribution Deal With Caroline
Jeff Hickcox Returns To Beasley SWFL As Promotions & Events Director
February 2, 2016
SiriusXM Reports Major Subscriber Growth, Record Revenue in 2015
BMG US Promotes Zach Katz To President Of Music Publishing
Bentley Named MD/Afternoon Drive Host at WEDG/Buffalo
SoundExchange Ends Record-Setting Year, $800 Million to Recording Artists and Record Labels
February 1, 2016
Alissa Pollack Named iHeartMedia EVP of Global Music Marketing
Entercom Atlanta Announces Jeff Dauler to Lead Mornings On STAR 94
Music News
Gwen Stefani Announces New Album, Filming Live Video During Grammys
Quick Hits: The Grammys / Eagles, Adele, Kelly Clarkson, The Grid NYC
Taylor Swift Leads Nominees for iHeartRadio Music Awards
Quick Hits: Kanye West, Disturbed & Breaking Benjamin, Lionel Richie tribute, Seether, Lamb of God, Way Home festival, Good Charlotte
Beyoncé Announces "Formation" Stadium Tour, Releases New Single
Metallica At CBS RADIO’s “THE NIGHT BEFORE” Concert in San Francisco
Rihanna Reaches #1 With Anti
Quick Hits: Grammy Awards, Zayn, Adele, Dead & Company, The Monkees, The Neighbourhood
Earth, Wind & Fire's Maurice White Dead At 74
The Entertainment World Remember Maurice White
Quick Hits: Rihanna, Lady Gaga, Future, The Lumineers, Stone Temple Pilots
Justin Bieber, Pitbull and More Added to Grammy Lineup
Quick Hits: Miley Cyrus, Iggy Azalea, Taylor Swift, Future
Lady Gaga to Honor Bowie at Grammys, Sing National Anthem at Super Bowl
Quick Hits: Juno Awards, Metallica, Guns N' Roses, Grammys, Joe Bunch
FMQB NOW

Mike “OD” O’Donnell, OM
Entercom
Scranton Wilkes-Barre, PA

Advertisement:
Search FMQB.com
Advertisements:
FMQB Member Login
Email:
Pass:

Save
Not a member yet?
Sign up Now!
Sign Up for Breaking News!
Enter FMQB E-Tracking!