MySpace CEO steps down
Thursday 11 February 2010
News Corp has replaced the CEO of the social networking site MySpace less than a year after hiring him, and said a discussion of his priorities led both sides to agree to a parting.
Owen Van Natta, whose resignation is effective immediately, will be replaced by Mike Jones and Jason Hirschhorn as co-presidents, News Corp said on Wednesday.
Van Natta could not be reached immediately for comment.
News Corp acquired MySpace in 2005 for $580 million (£370 million). Since the acquisition, the internet site has lost ground to rival Facebook, which now ranks as the world's No.1 social network with roughly 400 million active users.
News Corp chief Rupert Murdoch replaced MySpace co-founder Chris DeWolfe with Van Natta last year, betting that the former No. 2 executive at rival Facebook could freshen up the company.
But rekindling MySpace's popularity in the fast-changing Internet world has proven challenging. And analysts have expressed doubt that MySpace will be able to renew its $300-million-a-year search advertising deal with Google on similarly lucrative terms when the deal expires this year.
News Corp said in its quarterly earnings call last week that advertising and search revenue declined at MySpace and that it was taking longer than expected to achieve revenue goals at MySpace.
"Owen took on an incredible challenge in working to refocus and revitalize MySpace, and the business has shown very positive signs recently as a result of his dedicated work," said News Corp Digital Media CEO Jon Miller
"However, in talking to Owen about his priorities both personally and professionally going forward, we both agreed that it was best for him to step down at this time. I want to thank Owen for all of his efforts."
Jones and Hirschhorn both also joined MySpace in April 2009 with Van Natta.
Life & Style blogs
Alexander McQueen at auction: What makes a really great piece of fashion?
A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
No female ejaculation, please, we’re British: a history of porn and censorship
Stressed nurses are 'forced to choose between health of patients and their own'
Pornhub: Kim Kardashian's sex tape is the most-watched porn video of all-time
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
Sony hack: Angelina Jolie branded 'seriously out of her mind' in further embarrassing leaked email saga
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
iJobs Gadgets & Tech
£30000 - £35000 per annum: Recruitment Genius: An exciting opportunity to join...
Negotiable: Recruitment Genius: An IT Support Analyst is required to join the ...
£50000 per annum + 26 days holiday,pension: Ashdown Group: A highly successful...
£30 per hour: Ashdown Group: An industry leading and well established business...