Intermix

Judge Clears Way for MySpace Lawsuit Alleging Ex-Execs and Directors of Intermix and VC Defrauded Shareholders of Billions

Authored by Ned Sherman on August 1, 2008 - 4:30am.

New York - U.S. District Court Judge George King of the Central District of California on July 15 rejected a motion to dismiss a lawsuit against the executives who sold MySpace parent Intermix to News Corp (NWS) in 2005, clearing the way for the suit to go to trial.

News Corp. to Acquire MySpace Parent Co. Intermix for $580 Million

Authored by Mark Hefflinger on July 18, 2005 - 9:41am.

Los Angeles -- Media conglomerate News Corporation announced on Monday that it will acquire Intermix Media, an operator of 30 websites including online community site MySpace.com, for $580 million. News Corp. paid $12 per share for Intermix, which will become part of its newly-formed Fox Interactive Media unit. Separately, Los Angeles-based Intermix said it has exercised an option to acquire the 47% of MySpace that it did not already own. Intermix recently paid $7.9 million to settle charges brought by New York State Attorney General Eliot Spitzer, who alleged the company was distributing hidden spyware; the company admitted no wrongdoing as part of the settlement. News Corp. said the addition of Intermix's 27 million monthly unique users will nearly double its web traffic, to 45 million monthly unique users. "Intermix is an important acquisition for News Corp., instantly doubling the number of visitors to our sites and providing an ideal foundation on which to meaningfully increase our internet presence," said News Corp. chairman and CEO Rupert Murdoch. The transaction is expected to close in the fourth quarter of 2005.

Myspace.com Parent Company Intermix Gets $4 Million Investment

Authored by Mark Hefflinger on December 8, 2004 - 3:46am.

Los Angeles -- Intermix Media, an online media and entertainment company that operates the Myspace.com social networking service, announced on Wednesday that it has received a $4 million equity investment from Redpoint Ventures. Under the terms, Redpoint will receive one million shares of Intermix, and a warrant to purchase an additional 150,000 shares at a price of $4 per share, in return for a minority stake in MySpace, Inc. Separately, Intermix announced the departure of chief financial officer Tom Flahie, for personal reasons. Los Angeles-based Intermix said that Myspace.com, whose rivals include Friendster, is currently adding an average of 35,000 new members daily. The company will use the funds to further expansion of the MySpace infrastructure, reduce the interest of its early investors and founders, and position the company for continued growth and evolution.

tags: Internet | Investment | MySpace.com | Intermix |