MySpace Debacle Vindication For Fired Viacom CEO Tom Freston
Viacom chairman Sumner Redstone stunned the entertainment industry in 2006 when he fired CEO Tom Freston. One of the chief reasons for the move was that Freston hadn't moved decisively enough to buy MySpace, enabling Rupert Murdoch to pick up what was then the most popular social networking site for $580 million. Redstone seemed to think that contributed to the 20% drop in Viacom's stock price in 2006 up to the date of Freston's ouster. The CEO's successor, Philippe Dauman, would "never, ever let another competitor beat us to the trophy," Redstone told analysts. Redstone told interviewer Charlie Rose that losing MySpace had been "humiliating," adding, "MySpace was sitting there for the taking for $500 million."
But who's laughing now? MySpace has collapsed into a distant also-ran behind Facebook and Twitter. And Murdoch took a bath on MySpace this week. He wanted $100 million for it but sold 95% of his interest to ad company Specific Media for a mere $35 million. Just imagine what would have happened to Viacom's stock if Redstone's passion for chasing fads led him to outbid Murdoch. It's hard to believe that the owner of MTV would have seen what Murdoch didn't -- that social network fans were being turned off by MySpace's tawdry commercialism as it established itself as a music and entertainment portal. That provided the opening for Facebook and Twitter to position themselves as safer alternatives for people who simply want to connect with friends.
Of course Redstone's attack on Freston for losing MySpace was probably just a cover for the fact that Viacom's chief shareholder has long been fearful of powerful underlings. He also gave the boot to Frank Biondi and Mel Karmazin -- and has feuded with his daughter Shari and son Brent. Still, this week's paltry sale price for MySpace shows that Freston was right and Redstone was wrong. Freston's travelling and unable to comment on the MySpace sale, but he told CNBC in April that he's "still waiting for Sumner Redstone to send him a thank-you note."
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It was probably a good move for Freston to not buy MySpace. That doesn’t necessarily mean that not buying it wasn’t the cause of the stock price slide. For that matter, where MySpace ended up going under Murdoch isn’t necessarily where it was fated to go. Facebook has proved — and Google seems poised to again — that there is a lot of value in social networks, run well.
Alternatives To Myspace - News
That provided the opening for Facebook and Twitter to position themselves as safer alternatives for people who simply want to connect with friends. Of course Redstone's attack on Freston for losing MySpace was probably just a cover for the fact that
Earlier, the company employed Allen & Co., a New York-based investment bank, to advice about the strategic alternatives for its social-networking website. However, it is not certain whether a consensus will be reached with the California based Specific
TMX Group chief executive officer Tom Kloet said the company will now focus on other alternatives including a rival bid from Maple Group Acquisition Corp, a collection of Canadian financial institutions and pension funds. The bid by Maple,
In the early 2000's, social media was ruled by not one but two men—Chris DeWolfe and Tom Anderson—the then-famous cofounders of MySpace (or “My______” to the dwindling users that remain). Purchased by News Corp. for $580 million—an absolute bargain
In its heyday, Myspace was good for two things: social networking to build fans, and having a profile to showcase your band. Facebook and Twitter have the social networking side taken care of, but as for profile sites, there are lots of alternatives.
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Do You Have Photos Of The Anti-Gentrification Rally At Greenbridge?
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The idea is to compare them to the "Anarchists" who went on a rampage in Asheville last year smashing glass all over downtown Asheville. Some of the participants seem to be the same people. If you
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I'd love a spot on that list! I mean, you don't want me resorting to myspace, do you? 
RT : MySpace to be Sold; Three Alternatives for Indie Musicians 
MySpace to be Sold; Three Alternatives for Indie Musicians 
No surprise here; I say go to soundcloud! RT : MySpace to be Sold; Three Alternatives for Indie Musicians 
to be Sold; Three Alternatives for Indie Musicians Alternatives To Myspace - Bookshelf
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Facebook.com was created as a way for people to reunite with old friends and another form of communication with current friends. But is that all it did?
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