My Space acquired by Specific Media for a measly $35 million

Written by | Social Media, Tech

In a press release, My Space just announced that the company was acquired by Specific Media for $35 million, which is a bargain when you compare it to the $580 million price tag that News Corp bought the then leading social networking from eUniverse, now known as Intermix Media.

MySpace lost it’s spot light to the now leader of the social pack; Facebook. It still remains to be seen on what are the plans of Specific Media on how they will revive the MySpace brand. If you asked me they should try going back to it’s roots by focusing on music and probably add some feature where My Space user can interact with each other. I guess we’ll just have to wait and see.

So anybody here still has a My Space account?

Source: TechLand

SPECIFIC MEDIA ACQUIRES MYSPACE FROM NEWS CORPORATION

Los Angeles, Calif. — June 29, 2011 – Specific Media, a digital media company, today announced it has acquired Myspace from News Corporation. As part of the agreement, News Corporation will take a minority equity stake in Specific Media. Additional terms of the agreement are confidential and will not be disclosed.

“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,” said Tim Vanderhook, Specific Media CEO. “There are many synergies between our companies as we are both focused on enhancing digital media experiences by fueling connections with relevance and interest. We look forward to combining our platforms to drive the next generation of digital innovation.”

Specific Media is an innovative global interactive media company that enables advertisers to connect with consumers in meaningful, impactful and relevant ways.

Founded in 1999 by brothers Tim, Chris and Russell Vanderhook, Specific Media is currently headquartered in Irvine, CA and operates offices around the world.

About Myspace

Myspace, Inc. is a leading social entertainment destination powered by the passions of fans. Aimed at a Gen Y audience, Myspace drives social interaction by providing a highly personalized experience around entertainment and connecting people to the music, celebrities, TV, movies, and games that they love. These entertainment experiences are available through multiple platforms, including online, mobile devices, and offline events.

Myspace is also the home of Myspace Music, which offers an ever-growing catalogue of freely streamable audio and video content to users and provides major, independent, and unsigned artists alike with the tools to reach new audiences. The company is headquartered in Beverly Hills, CA.

http://www.myspace.com/pressroom/

About Specific Media

Specific Media is a digital media company driving viewership for content owners, engagement for brands and relevance for consumers. With capabilities spanning original programming, cross-channel distribution and addressable advertising, the company connects audiences, content and brands, adding meaning to each touch-point. As people discover new ways to consume content, Specific Media creates impactful media experiences no matter where they are.

www.specificmedia.com.

Last modified: June 30, 2011

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My Space acquired by Specific Media for a measly $35 million

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