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Media giant News Corp. announced today that it signed an agreement to acquire Intermix Media for approximately $580 million in cash; in a separate transaction, Intermix announced that it exercised its option to acquire the 47 percent of MySpace.com that it does not already own. The announcements follow on the heels of News Corp’s announcement Friday of Fox Interactive Media (FIM), a new unit that will form an online hub for its entertainment, news and sports.
Launched less than two years ago, MySpace.com is the fifth ranked web domain, according to comScore Media Metrix, and was the leading site for advertisers in June, leaping ahead of MSN Hotmail and Yahoo Mail which led in May. With the addition of MySpace and Intermix’s network of sites, News Corporation’s US web traffic will nearly double to more than 45 million unique monthly users. The Intermix network is the largest multi-category online entertainment network with more than 27 million unique monthly users across its entertainment, humor, gaming, and social networking sites.
In addition to MySpace.com and Intermix’s sites, Fox Interactive Media will manage interactive assets from all Fox divisions, including foxsports.com, foxnews.com and fox.com, as well as coordinate the owned-and-operated TV station web properties.
The announcements come three months after chief executive Rupert Murdoch made an impassioned plea to the newspaper industry to find new distribution technologies before they lose the news franchise, CNET reports.
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