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News Corp. To Lose MySpace Founders?

News Corp. may soon lose MySpace co-founders Chris DeWolfe and Tom Anderson, the Financial Times reports. According to an unnamed source, the contracts of both men expire in October, and each has privately said there is a chance he could leave at that stage.

However, in an interview with the paper, DeWolfe was quick to quell those rumors, saying both he and Anderson were "very happy at MySpace". He said: "We love the people, the product, and we believe in the future of the company. We are not thinking of leaving...our heads are down and completely focused on building a profitable, scalable business."

DeWolfe and Anderson joined News Corp. as CEO and president of MySpace, respectively, in 2005, when the media giant bought the social network's parent company Intermix for $580 million. The pair is among the best-paid employees at News Corp. and are in the final year of a lucrative, incentive-based contract worth $30 million each. Peter Levinsohn, president of Fox Interactive Media, which oversees MySpace, declined to comment on the contract negotiations. "Any speculation at this point is premature," he said.



Read the whole story at Financial Times »

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