Television

News Corp acquires Intermix Media for $580 million

MUMBAI: The Rupert Murdoch-controlled News Corp announced today it had signed a definitive agreement to acquire Intermix Media for approximately $580 million.

 

In a separate transaction, Intermix announced today that it exercised its option to acquire the 47 per cent of MySpace.com that it does not already own. MySpace.com is the leading lifestyle portal for networking online. Both MySpace.com and Intermix?s more than 30 sites will become part of News Corporation?s newly formed Fox Interactive Media unit.

The acquisition of Intermix, combined with the recently announced formation of Fox Interactive Media, underscores News Corporation?s commitment to expand its internet presence.

 

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, putting the company in the top echelon of most trafficked content sites on the Internet today, a company statement avers. The Intermix network of sites is the largest multi-category online entertainment network with more than 27 million unique monthly users. Intermix?s group of entertainment, humor, gaming and social networking sites has become the leading network for shareable digital entertainment such as pictures, music and video.

In a related transaction, News Corp announced that it entered into a voting agreement with VantagePoint Venture Partners, the largest stockholder of Intermix. The agreement provides that VantagePoint will vote its shares, representing approximately 22.4 percent of the outstanding shares of Intermix, in favor of the transaction.

?We are very excited to combine our unique Internet reach and assets with one of the most exciting media companies in the world. We look forward to continuing to lead the market in unique content, social networking, and analytical marketing,? said

Intermix Media?s CEO Richard Rosenblatt and MySpace CEO Chris DeWolfe will continue in their roles following the completion of the acquisition. Rosenblatt and DeWolfe will join Fox Interactive Media, led by Ross Levinsohn.

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