Private Equity
4 min read · 30 June 2011
(Reuters) - News Corp. has sold Myspace for $35 million, a fraction of what it paid for the once-hot social media site even as a new generation of Web-based startups is enjoying sky-high valuations. Advertising company Specific Media will team with the singer Justin Timberlake to acquire Myspace in a deal that caps a tumultuous period of ownership under Rupert Murdoch's News Corp., which swooped in to buy Myspace for $580 million in 2005. The sale was a boon for the venture firms that backed MySpace's parent company, Intermix Media (formerly known as eUniverse). VantagePoint Venture Partners and Redpoint Ventures invested a total of $12 million in Intermix over two rounds, according to Thomson Reuters (publisher of peHUB). VantagePoint put $8 million into Intermix at a post-money valuation of $51.72 million in November 2003, while VantagePoint and Redpoint each put up
4 min read · 30 June 2011
1 min read · 29 June 2011
3 min read · 29 June 2011
1 min read · 29 June 2011
(Reuters) - Twitter co-founders Biz Stone and Evan Williams plan to revive Obvious, the company they conceived years ago as a technology project incubator that eventually spawned Twitter. Stone and Williams will continue to advise Twitter on strategic matters, but devote the lions' share of their time to The Obvious Corporation, Stone told the Aspen Ideas Conference at the ski resort on Tuesday. The pair, along with others such as Jack Dorsey, who now runs payments service Square, created the four-year-old website that allows users to send 140-character messages across the Internet. It has grown into a microblogging phenomenon used by celebrities and heads of state alike, hailed at times as a crucial tool in promoting
3 min read · 29 June 2011
4 min read · 28 June 2011
4 min read · 27 June 2011
2 min read · 27 June 2011
2 min read · 27 June 2011
