Feeds

Digital Rupert’s bumper $545m loss

MySpace sold to Specific Media with Timberlake as star investor

Beginner's guide to SSL certificates

The very expensive, sorry tale of how to turn a cool digital business into a boring corporate leper has ended with a painful US$545 million loss for News Corp and perhaps a chance at resurrection for MySpace.

Following a prolonged sale process the social network has been sold for a bargain $35 million, to digital ad network Specific Media. MySpace CEO Mike Jones issued a widely distributed internal email to the ‘myspacers’ along with the official press release confirming the transaction.

Jones also confirmed that massive job cuts lie ahead for the 500 staff, which he will help the new owners with as they transition over the next two months. He will then leave the company.

“My time at MySpace represents the most engaging and challenging time of my professional career,” he said. He added that over the next few days Specific’s CEO Tim Vanderhook, will be detailing their “exciting plans” for MySpace and how it fits in with the overall vision of their company.

In a special life-parodying-art feature, it has also emerged that Justin Timberlake is taking a minority stake and role in the new MySpace. Clearly taking his role as Sean Parker in The Social Network to heart, Timberlake said “I’m excited to help revitalize MySpace by using its social media platform to bring artists and fans together in one community.”

He will help develop the creative direction and strategy of the company but did not disclose what his financial stake was.

In a statement on his website Timberlake said: “There’s a need for a place where fans can go to interact with their favorite entertainers, listen to music, watch videos, share and discover cool stuff and just connect. Art is inspired by people and vice versa, so there’s a natural social component to entertainment.”

Specific Media was founded in 1999 by brothers Tim, Chris and Russell Vanderhook, and has offices across the US and Europe. ®

Secure remote control for conventional and virtual desktops

Whitepapers

Choosing cloud Backup services
Demystify how you can address your data protection needs in your small- to medium-sized business and select the best online backup service to meet your needs.
Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Internet Security Threat Report 2014
An overview and analysis of the year in global threat activity: identify, analyze, and provide commentary on emerging trends in the dynamic threat landscape.
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.