The WSJ reported (registration required) that Rupert Murdoch's News Corp is to acquire the parent company of mySpace, Intermix Media for about $580 million in cash. Although Intermix has over 30 web sites, mySpace, the social networking site which is heavily focused on music is the best known.It has become a key music destination, with more than 350,000 bands and artists – including REM, the Black Eyed Peas and Weezer – having used the site to launch new albums and enable users to sample and share songs. According the the Intermix web site, quoting Media Metrix, the network of sites reaches over 16 million users a month. The company will be rolled into the newly formed Fox Interactive Media. FIM will
coordinate content on Web sites including Fox Sports.com and Fox
News.com, as well as sites for Fox television stations.
Ross Levinsohn, senior vice president of Fox Sports Interactive Media, was named president of the new Los Angeles-based division and Bert Solivan, vice president of news information at Foxnews.com, was named executive vice president of Fox Interactive Media.
The establishment of FIM follows Murdoch's recent speech where he identified the need for the media industry, to find new ways to reach the next generation of news and entertainment consumers.