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MySpace is one of the world's largest social networks, with about 125 million users. Originally inspired by [Friendster](, MySpace quickly grew to become the world's largest social network, before being overtaken by [Facebook]( User pages are highly customizable and support integration with widgets such as [Slide]( or [YouTube]( MySpace provides users with a way to connect around content and culture. MySpace was started as a side project of the internet marketing company eUniverse (now called [Intermix Media]( in August 2003. [Brad Greenspan](, then founder and CEO of eUniverse oversaw the project, which was also led by [Chris DeWolfe]( (later CEO), [Josh Berman](, and [Tom Anderson]( (soon to be President). It officially launched in January 2004. By February 2004, MySpace reached 1 million registered users. By November 2004, that number had reached 5 million. In July, 2005 [News Corporation]( bought eUniverse (renaming it [Intermix Media]( for $580 M, of which approximately $327 M was the valuation of MySpace. At this time, the site had 20 million registered users. In mid 2007, [News Corporation]( contemplated selling 25% of MySpace stock to [Yahoo!]( in a deal that would have valued the site at $12 B, though this never went through. After being acquired, MySpace's revenues grew rapidly, as [News Corporation]( pursued lucrative advertising deals. In August 2006, [Google]( made a $900 M agreement to provide search and advertising directly on the MySpace site, which is set to expire in June 2010. In mid 2008, MySpace participated in a major site redesign. Throughout its history, critics have often cited the chaotic and disorganized interface as a severe drawback to usability of the site. This redesign made the main page more streamlined and clean. In late 2006, [Universal Music Group]( sued MySpace for millions in damages from copyright infringement. This suit was settled in mid 2008 by the launch of [MySpace Music](, a site where users can listen to streaming songs from all sorts of artists. To supplement this venture, MySpace acquired [iLike]( in mid 2009. MySpace had previously also launched a record label in 2005 and musicians such as Lily Allen and Sean Kingston were first discovered through MySpace. In mid 2007, MySpace acquired [PhotoBucket]( for $250 M in cash, plus an additional $50 M earn-out. By late 2009, [News Corporation]( sold a 2/3 stake in [Photobucket]( to a group of investors valuing the company at $60 M, over 80% less than the acquisition price. Since 2008, user growth has stagnated and page views and other metrics have fallen. In April 2009, longtime CEO and co-founder [Chris DeWolfe]( was replaced by [Owen Van Natta](, in a publicized firing. President and head of product, [Tom Anderson](, was kept on, but in a different position. Two months following this, MySpace announced it was laying off 30% of its workforce amounting to 420 people. In June 2011, Myspace was acquired by Specific Media for a [reported US$35 million]( Justin Timberlake also took ownership in this acquisition and will play a strong role in Myspace's future strategy and creative direction.

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