Los Angeles - News Corp.’s (NYSE: NWS) Fox Interactive Media unit, which houses MySpace, IGN, Photobucket and other Web entertainment properties, this week announced a restructuring that saw the departure of chief revenue officer Michael Barrett, and the launch of a new Audience Network for its ad technology, to be headed up by Adam Bain. The moves come as Fox Interactive Media is expected to fall short of its $1 billion revenue target for its fiscal year ended June 30, TechCrunch reported, citing multiple unnamed sources.

The new Audience Network will combine the company’s "HyperTargeting" ad technology, ad operations and performance sales efforts into one unit.

"Adam and his team have done an incredible job building advertising technologies that harness the opportunity of the social Internet," said Fox Interactive Media president Peter Levinsohn.

"By formally creating the Audience Network, we have empowered Adam and his team to grow this part of our business substantially."

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