"Once hugely popular, MySpace has been struggling to remain relevant for a long time. Sold to News Corp in 2005 for nearly $600 million dollars, the company's fall from grace has been slow but steady. A recent redesign attempted to revitalize the service but, for the most part, the company can't seem to regain its footing. Still, change could be on the horizon as the social network now has a new owner. Specific Media this week announced that it had purchased MySpace for just $35 million. MySpace's previous owner, News Corp, will hold onto a five percent stake in the company.
"MySpace is laying off 500 employees, or about 47 percent of its global staff, as part of a restructuring by the once-leading, now struggling social-networking site." | more
"Wednesday MySpace finally bowed down to Facebook by officially re-branded itself and launching a new beta website focused on serving the "Gen Y" user as a social entertainment destination. Rather than provide a website for users to generate pages solely focused on themselves, MySpace now allows members to discover content and connect with other fans with similar interests based on music, celebrities, movies, television, and games." | more
Militants and hate groups grow
Rather than bringing the world together in peace and harmony, social notworking sites are helping militant and hate groups grow.
A report by the Simon Wiesenthal centre, which was named after the late Nazi hunter , found that more than 11,500 social networks, websites, forums and blogs promoting violence, anti-Semitism, homophobia, hate music and "terrorism," had grown by 20 percent over last year.
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