Softbank to quit on Myspace in Japan-Nikkei

Fri Dec 23, 2011 2:25am IST

Writer Josh Kilmer-Purcell sits in his office with his myspace.com site in New York, June 14, 2006.

Writer Josh Kilmer-Purcell sits in his office with his myspace.com site in New York, June 14, 2006.

Related Topics

Stocks

   

REUTERS - Softbank Corp (9984.T) will quit its domestic social networking site business after just five years, liquidating a joint venture with Rupert Murdoch's News Corp (NWSA.O) for the Japanese-language version of Myspace, the Nikkei business daily reported.

The 50-50 joint venture with U.S. media group News Corp will shut down at the end of January and be liquidated, the Nikkei reported. The Japanese-language service will be taken over by U.S. firm Myspace LLC, the newspaper added.

News Corp acquired Myspace for $580 million in 2005, when it was among the world's most popular websites, and the company's success in beating out rival Viacom Inc in a bidding war was viewed as a major victory for Murdoch.

However, since then Facebook eclipsed Myspace in popularity and in June, News Corp sold the website to advertising company Specific Media LLC and singer Justin Timberlake at a fraction of what it had paid.

News Corp continues to own its stake in the Japanese unit, the Nikkei said.

Launched in November 2006, Myspace's Japanese service tied up with record labels and sought to tout itself as a way for artists to reach fans. But it failed to offer attractive content, and had only signed up about 1.08 million users as of August, not even a 10th of Facebook's tally, the paper said.

(Reporting by Ritika Rai in Bangalore; Editing by Viraj Nair)

FILED UNDER:

Sony Cyber Attack

REUTERS SHOWCASE

Ten Years On

Ten Years On

10 years on, tsunami warning stumbles at the "last mile".  Full Article 

Exit Polls

Exit Polls

BJP unlikely to form Jammu & Kashmir govt - polls.  Full Article 

Forceful Conversions

Forceful Conversions

BJP distances itself from religious conversions.  Full Article 

Hopeful Dhoni

Hopeful Dhoni

India's new vintage nearly ready, says Dhoni.  Full Article 

Photo

Fund Raising

Flipkart raises $700 million in fresh funding.   Full Article 

Reforms Push

Reforms Push

Modi may order insurance, coal reforms if vote delayed - officials.  Full Article 

Ali Hospitalized

Ali Hospitalized

Boxing great Muhammad Ali hospitalized with pneumonia.  Full Article 

Going International

Going International

Bollywood’s Priyanka Chopra sets sights on American TV.  Full Article 

India This Week

India This Week

Some of our best photos from this week.   Full Coverage 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device   Full Coverage