NEWS CORP. BUYS INTERMIX (MYSPACE.COM) FOR $580 MILLION

Interesting play by News. Corp. I wonder if and how they'll integrate MySpace.com into their properties:

In a bid to build an Internet media network, News Corp. grabbed the wildly popular social-networking site MySpace.com by agreeing to acquire majority shareholder Intermix Media for $580 million in cash.

News Corp. said it would pay $12 per share for Intermix.

On the news, Intermix Media shares rose 9.3% to $11.72.

Separately, Intermix exercised its option to buy the 47% stake of MySpace.com that it didn't already own.

News Corp. plans to incorporate MySpace.com and Intermix's 30 other Websites into its newly formed Fox Interactive Media unit. The new additions will nearly double News Corp.'s U.S. Web traffic to more than 45 million unique monthly visitors, according to the companies. (full article)