MySpace in Export Overdrive as NewsCorp Dumps 'Poison Pill'

17 April 2008

SEOUL: Already a rampant presence in the US, UK and several mainland European nations, News Corporation-owned MySpace is having to earn its $580 million (€367.1m; £292.5m) price tag.

The once-British company, acquired by NewsCorp in 2005, is now undergoing a major rollout beyond US shores. At Tuesday's launch in South Korea, MySpace's svp for international business Travis Katz was in hype overdrive.

"Every single market we're going [into], we're seeing significant growth in revenues across the board," Katz trumpeted.

"We have more than four and a half million users in Germany and, in less than a year, more than three million users in France.

"In China, we've just passed a two million user mark. We're in twenty-nine countries today. We're on a very rapid expansion." At which point, he ran out of breath.

A site for India will launch later this week.

  • Meantime, NewsCorp announced the imminent demise of its anti-Malone 'poison pill' takeover defense, redundant since the maurauding media mogul was bought-off by the gift of DirecTV.  

    The defense was activated in 2004 after Liberty Media chairman John Malone accumulated a large tranche of NewsCorp stock.

    Had Malone (or any other rival predator) made further stock incursions into Clan Murdoch's backyard, a "shareholder rights plan" would have flooded the market with NewsCorp shares.

  • Data sourced from Wall Street Journal Online and Business Week / Associated Press; additional content by WARC staff