MySpace was launched in September 2003 by entrepreneurs Chris Wolf, the CEO, and Tom Anderson, the president. They sold their previous company to Intermix, which provided the funds for MySpace. A trendy social networking site, MySpace allows its members to find dates, friendships and professional relationships.

Rupert Murdoch is a media mogul. He owns Fox TV, 20th Century Fox studios, “The New York Post,“ London’s “Times” newspapers, HarperCollins book publishers and the satellite broadcaster DirecTV.

On July 20, 2005, Rupert Murdoch’s News Corporation paid $580 million for MySpace. Rupert Murdoch is the current owner of MySpace. It’s headquarters are in Beverly Hills, California.

The secret is that Rupert Murchdoch, who is a newspaper man, has an antipathy about the Internet. He considers it garbage, but MySpace is making him a fortune in advertising revenue. MySpace is a sign of the times. More advertising revenue is moving from traditional venues to online.

There are 125 million accounts on MySpace. It is one of the largest online social networks. The members are able to personally customize their pages. The pages support integration of widgets, including Utube or slide.

In 2008, MySpace did a site reorganization. Before the social network looked messy and now it is more streamlined. Also in 2008, CEO Chris Wolf was publicly replaced by Owen Van Natta. The president and head of product development, Tom Anderson, was kept on. Two months later, MySpace laid off 30% of its labor force, or 420 people. It now has a staff of 1,000 people.