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There are several suggested explanations for its decline, including the fact that it stuck to a "portal strategy" of building an audience around entertainment and music, whereas Facebook and Twitter continually added new features to improve the social-networking experience. Gittelman suggested that the 0 million three-year advertisement deal with Google, while being a short-term cash windfall, was a handicap in the long run.
That deal required Myspace to place even more ads on its already heavily advertised space, which made the site slow, more difficult to use, and less flexible.
Some employees of Myspace, including De Wolfe and Berman, were able to purchase equity in the property before My Space and its parent company e Universe (now renamed Intermix Media) was bought.
In July 2005, in one of the company's first major Internet purchases, Rupert Murdoch's News Corporation (the parent company of Fox Broadcasting and other media enterprises) purchased Myspace for US0 million.
The project was overseen by Brad Greenspan (e Universe's Founder, Chairman, CEO), who managed Chris De Wolfe (My Space's starting CEO), Josh Berman, Tom Anderson (My Space's starting president), and a team of programmers and resources provided by e Universe. The company held contests to see who could sign up the most users.
and move it to the head of the pack of social networking websites.
By late 2007 and into 2008, Myspace was considered the leading social networking site, and consistently beat out main competitor Facebook in traffic.
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Myspace (stylized as My Space) is a social networking website offering an interactive, user-submitted network of friends, personal profiles, blogs, groups, photos, music, and videos.
Freston's successor as CEO, Philippe Dauman, was quoted as saying "never, ever let another competitor beat us to the trophy".
Redstone told interviewer Charlie Rose that losing My Space had been "humiliating", adding, "My Space was sitting there for the taking for 0 million" (Myspace was sold in 2012 by News Corp for million.) On November 1, 2007, Myspace and Bebo joined the Google-led Open Social alliance, which already included Friendster, Hi5, Linked In, Plaxo, Ning and Six Apart.
A key architect was tech expert Toan Nguyen who helped stabilize the Myspace platform when Brad Greenspan asked him to join the team.