Tom Sold Myspace to Specific Media Group in 2011
Tom sold Myspace in 2011 to Specific Media, a digital advertising company, and Justin Timberlake, the pop star and investor. The transaction valued the social network at roughly 35 million dollars, a dramatic drop from the 580 million dollars News Corp had paid for Myspace in 2005. The sale included the Myspace domain, user accounts, and the core platform assets. At the time, Myspace was still one of the world's largest social networking sites, though it had already lost its dominant position to Facebook. The deal marked the end of Myspace's era as a standalone internet brand under News Corp's ownership.
The buyers planned to reposition Myspace as a entertainment-focused social platform, with Timberlake playing a hands-on creative role. Specific Media, led by investor Tim Vanderhook and former Viant executive Josh Berman, aimed to compete with newer services by focusing on music, video, and artist profiles. The sale price reflected how quickly social media markets can shift, as Myspace had peaked in global traffic just a few years earlier. The transaction was widely reported by financial outlets and confirmed by Myspace's parent company at the time. The move also highlighted how early internet assets can lose value rapidly if they fail to adapt to changing user behavior.
Myspace Ownership Changed Hands Again After the Initial Sale
Specific Media and Justin Timberlake Managed Myspace Briefly
After acquiring Myspace, Specific Media and Timberlake rebranded the service and shifted its focus toward music discovery and artist content. The platform launched new features to attract musicians and fans, positioning itself as a social hub for the entertainment industry. Despite the repositioning, Myspace struggled to regain its former user base against competitors like Facebook, Twitter, and Instagram. Internal reports and industry analyses noted that the platform's technical infrastructure and user experience lagged behind newer rivals. The ownership structure remained complex, with Specific Media controlling the business side while Timberlake focused on creative direction.
Myspace Was Later Sold to Time Inc. and Then to Meredith Corporation
In 2016, Time Inc. acquired Myspace from Specific Media as part of a broader content portfolio, integrating the social network into its digital media operations. Time Inc. itself was later acquired by Meredith Corporation in 2018, making Meredith the new owner of Myspace and its remaining assets. Under Meredith, Myspace continued to operate as a legacy social platform, but it received minimal investment compared to newer properties. The platform's user numbers declined further, and it became a niche service primarily used for accessing old profiles and music content. The chain of acquisitions illustrated how Myspace transitioned from a dominant social network to a secondary digital asset.
Myspace Today and the Legacy of Tom's Sale
Myspace Is Now Owned by Viant Technology
Myspace is currently owned by Viant Technology, a digital media and data company that acquired the platform along with other digital assets. Viant Technology, which went public through a SPAC merger, operates Myspace as a part of its broader portfolio of entertainment and social media properties. The platform today functions primarily as an archive for legacy profiles, music uploads, and nostalgic content. It no longer competes as a mainstream social network, but it remains accessible to users who want to revisit old pages and content. The current ownership structure reflects the platform's status as a historical internet property rather than a growing social media service.
Tom's Sale of Myspace Is a Key Case Study in Social Media Investment
The sale of Myspace by Tom is frequently cited in discussions about the rapid rise and fall of social media platforms. Investors and analysts use the Myspace case to illustrate how quickly market leadership can erode in the technology sector. The platform's decline also