Time Inc. Acquires Myspace Owner Viant Technology
It's all about advertising technology.
Time Inc. is boosting its advertising capabilities with the acquisition of Viant Technology, a marketing company that also happens to own Myspace.
The publishing company announced the acquisition Thursday morning, noting that Viant would give it a foothold in the $34 billion performance advertising industry. But the purchase also merges once-dominant social network Myspace with the publisher behind Time, Sports Illustrated and People.
Founded in 2005, Myspace was the largest social network in the world for its first three years of life before being eclipsed by Facebook. In its early days, the Beverly Hills-based company was a hot acquisition target and sold to New Corp. for $580 million. But as Facebook rose and Myspace failed to capture new users with its growing slate of features, its influence declined. And in 2011, News Corp. sold Myspace for $35 million to Viant's Specific Media, which relaunched the site as a music destination with ambassador and investor Justin Timberlake.
"This acquisition is game changing for us," said Time CEO Joe Ripp. "Marketers are selecting media partners that have either data-driven capabilities or premium content; we will be able to deliver both in a single platform, and will stand apart from those that offer just one or the other. In other words, we will be able to deliver advertisers' messages targeted to optimal audiences across all types of devices, along with the ability to measure ROI."
Time has been on a digital media acquisition spree of late, picking up Zooey Deschanel's female-focused website HelloGiggles, digital magazine xoJane and a series of sports websites last year.