Viacom-MySpace

2005

In 2005, Viacom (VIA) pursued MySpace for $500 million, but was ultimately was outbid by News Corp. (NWS), which swooped in with a $580 million offer. News Corp. CEO Rupert Murdoch met personally with Roger Rosenblatt, CEO of MySpace parent Intermix, to offer a deal that would disappear if not completed in six days. Viacom CEO Tom Freston was on vacation in Hawaii, apparently oblivious to News Corp.'s maneuvering. Viacom Chairman Sumner Redstone later called losing MySpace to News Corp. "humiliating" and said it was part of the reason he fired Freston.

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