In a busy week full of earnings and acquisitions news, one event this week may just surprise you. 94 year old publishing house Time Inc. has acquired Viant, the parent company of almost-forgotten social media website Myspace.
In a press release, Viant is described as a “people-based marketing platform”, and the reason for moving to Time Inc is apparently mainly technical. Time says the acquisition enables the firm to gain more registration data to grow its advert technology and quality content.
Back in 2013, Myspace underwent a revamp in order to focus mainly on music, with some celebrity investors such as Justin Timberlake. And in January 2015, the service still managed to reach around 50 million users each month.
Time Inc’s publishing titles currently include LIFE, Sports Illustrated, Food & Wine, Fortune, Marie Claire, and People. Last week, the company also launched a mobile-oriented website for beauty product enthusiasts. And while Time doesn’t have a music focused brand yet, so it will be interesting to see how the firm integrates Myspace into its strategy across the various titles.
The financial terms of the deal were not revealed.
Larry Banks is a keen follower of technology and finance. He has worked for a variety of online publications, writing about a diverse range of topics including mobile networks, patents, and Internet video delivery technologies.