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MySpace Founder Claims Foul Play on News Corp. Deal




Brad Greenspan, founder of MySpace.com, is seeking a federal investigation on the sale of his company (Intermix Media) to News Corp., last year.

According to eWeek

On Oct. 5, Greenspan accused former Intermix Chief Executive Richard Rosenblatt of hiding revenue growth data at MySpace from shareholders to present a distorted financial picture and execute a deal quickly. Greenspan’s claim contends MySpace could now be worth more than $20 billion.

It will be difficult to determine whether MySpace was truly undervalued at the time, or if it has just grown beyond expectations, since the acquisition.