Fox buys MySpace for $580 million
 

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News Corp, the company run by media mogul Rupert Murdoch, has made one of its first major internet purchases.

It has bought Intermix Media, owner of Myspace.com, the fifth most-viewed internet domain in the US and owner of other sites for $580m (£332.85m).

Mr Murdoch says the networking site will drive traffic to his Fox TV sites.

Last week the company set up a new internet unit. Mr Murdoch has said that newspapers have been slow to respond to competition from the internet.

Advertising advantage

"With a significant amount of advertising dollars moving from traditional outlets to online, News Corp, like most media companies, is looking to boost its internet assets," Alan Gould, an analyst at Natexis Bleichroeder, told Reuters.

The US market for internet advertising is growing at 15% in 2005, according to media buyers Universal McCann.

Myspace.com users connect to the site for dating, making friends, professional networking and sharing interests.

Earlier this year, New York State Attorney General Eliot Spitzer accused Intermix of deceptive business practices, including the use of spyware that delivered pop-up adverts and redirected users to its search engine.

Intermix agreed to pay $7.9m to settle the suit but did not admit wrongdoing.

where's that timeline pic when you need it?

nice pay off for that dude who created it

shut the helll up idiot, this news isn't even that old.

go back to making an i have a ferrari thread and get caught when its a dealerships picture you were posting.

Guess it's time for Fox to start warping the minds of the youth, because they can't reach them on Fox News. It's a sad world we live in. :(

Lucky Lensman!

i sale short myspace

No need for the timeline pic...this is news to me. Fortunately, a lot of us cannot be on here 24/7....

And wow...I guess the stocks will start to fall ;))

thats a lot of money

Damn.. that's quite the pay off.

wow, this is new, news!

Lars is the man!

:) I am happy :)

i bet myspace stock just fucking skyrocketed!

holy shit Tom is a wealthy bastard! why didnt I come up with a website like that??????

Pretty unreal, get ready for the spam to begin! You know they are going to spam all of their TV websites.. I mean, they said that was the whole purpose of them buying it.

:1orglaugh burned :thumbsup