Intermix Founder Seeks Probe of News Corp Buyout
Brad Greenspan, founder of MySpace parent company Intermix, wants a federal probe into the sale of his company to News Corporation. Greenspan says the sale conned Intermix shareholders out of billions of dollars, calling the deal in a statement “one of the largest merger and acquisition scandals in U.S. history.”
Concurrently, the exec wants the SEC, the Department of Justice and the Senate Committee on Finance to investigate. Greenspan claims that Intermix CEO Richard Rosenblatt hid MySpace’s true growth potential from shareholders, and says that at the time, the social networking site was approaching $20 billion.
“The answer to how News Corp. was fortunate enough to buy one of the largest and most valuable Internet companies for pennies on the dollar is now clear,” added Greenspan, “I expect as the authorities get their arms around what happened, that this transaction will be unwound and Myspace will be independent. An independent Myspace is significantly better for its users and shareholders.”
Greenspan has released his own report online detailing the creation and eventual sale of MySpace, and cites several emails between Rosenblatt and Ross Levinsohn, president of Fox Interactive New Media, News Corp’s online branch.
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