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Friday, 23 December 2011 - Softbank to quit on Myspace in Japan: report |
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No thanks, say cash-conscious Europeans 11:58am EST Stocks rise after upbeat data | 4:11pm EST Arizona student found after 9 days stranded in snow 2:35pm EST Impasse broken in House on payroll tax cut: aide | 4:18pm EST Discussed 172 Ron Paul strongly defends anti-war policies 127 Slumping Gingrich promises sharper counter-punch 114 North Korea state TV says Kim Jong il has died Watched Baghdad rocked by blasts 1:56am EST SocGen's wholesale arm gets a new boss for new times 5:30am EST Japan picks the F35 as regional uncertainty rises Mon, Dec 19 2011 Softbank to quit on Myspace in Japan: report Tweet Share this Email Print Related News Murdoch suffers BSkyB revolt, but hangs on Tue, Nov 29 2011 James Murdoch quits UK newspaper boards Wed, Nov 23 2011 Analysis & Opinion Glimpses of Carol Bartz legacy in Yahoo’s rollout of expanded Facebook integration M&A wrap: T-Mobile “crying out” for Sprint tie-up? Related Topics Tech » Deals » Global Deals Review: 2011 Q3 » Global Deals Review: 2011 Q2 » Global Deals Review » Inflows Outflows » Media » Japan » Thu Dec 22, 2011 3:13pm EST (Reuters) - Softbank Corp will quit its domestic social networking site business after just five years, liquidating a joint venture with Rupert Murdoch's News Corp for the Japanese-language version of Myspace, the Nikkei business daily reported. The 50-50 joint venture with U.S. media group News Corp will shut down at the end of January and be liquidated, the Nikkei reported. The Japanese-language service will be taken over by U.S. firm Myspace LLC, the newspaper added. News Corp acquired Myspace for $580 million in 2005, when it was among the world's most popular websites, and the company's success in beating out rival Viacom Inc in a bidding war was viewed as a major victory for Murdoch. However, since then Facebook eclipsed Myspace in popularity and in June, News Corp sold the website to advertising company Specific Media LLC and singer Justin Timberlake at a fraction of what it had paid. News Corp continues to own its stake in the Japanese unit, the Nikkei said. Launched in November 2006, Myspace's Japanese service tied up with record labels and sought to tout itself as a way for artists to reach fans. But it failed to offer attractive content, and had only signed up about 1.08 million users as of August, not even a 10th of Facebook's tally, the paper said. (Reporting by Ritika Rai in Bangalore; Editing by Viraj Nair) Tech Deals Global Deals Review: 2011 Q3 Global Deals Review: 2011 Q2 Global Deals Review Inflows Outflows Media Japan Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints   We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.   Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Advertise With Us Connect with Reuters Twitter   Facebook   LinkedIn   RSS   Podcast   Newsletters   Mobile About Privacy Policy Terms of Use Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us   Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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