The social networking site sold to News Corp. for $580 million in 2005 was MySpace.com. News Corporation bought the site through its acquisition of Intermix Media, the company that owned MySpace.
The deal was completed in July 2005, when MySpace was growing rapidly as a place for users to create profiles, connect with friends, post photos, and share music. News Corp. viewed the purchase as a way to expand into internet advertising and online media through its newly formed Fox Interactive Media division.
MySpace became the world's largest social networking site from 2005 to 2008. At its peak in April 2008, it had about 115 million monthly visitors. Facebook later overtook it, and News Corp. sold MySpace in 2011 for a reported amount far below the original purchase price. A common mix-up is calling the buyer simply Fox; Fox Interactive Media was the News Corp. unit that operated the acquisition.