News Corp to buy Internet group Intermix

0 Comments | AFP, July, 2005

NEW YORK (AFP) — Media-entertainment giant News Corporation said it reached a deal to buy Intermix Media for 580 million dollars in cash, gaining a foothold in the arena of Internet news blogs and social networking.

The acquisition gives the media giant headed by Australian-born mogul Rupert Murdoch the wesbite MySpace.com, described as a leading "lifestyle portal."

As part of the deal, Intermix exercised its option to acquire the 47 percent of MySpace.com that it does not already own.

MySpace.com and Intermix's more than 30 sites will become part of News Corporation's newly formed Fox Interactive Media unit.

The acquisition "underscores News Corporation's commitment to expand its Internet presence by offering a deeper, richer online experience for...

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