MySpace: site that once could have bought Facebook acquired by Time Inc

Over the past year, 94-year-old publisher Time Inc. has made several high-profile, digital-first acquisitions-including of HelloGiggles and xoJane-and now it’s added another: Viant Technology, the parent company of 12-year-old social network Myspace. This platform allows marketers to connect their own databases with Viant’s data and it also contains a demand-side ad platform, an ad server, and a data-analytics platform.

The company said it will acquire the assets of Viant, enabling it to participate in the growing $34 billion performance advertising segment. Digital ad revenues increased $15 million or 17 percent in the final quarter of 2015. Just last week, it launched a mobile-focused website for beauty product enthusiasts.

MySpace, Facebook’s one-time rival, has a new home.

Terms of the deal weren’t disclosed.

Joe Ripp, chairman and CEO of Time Inc., described the acquisition as “game changing” in a press release. Time Inc. expects the acquisition to close in March.

“Marketers are selecting media partners that have either data-driven capabilities or premium content; we will be able to deliver both in a single platform”.

The company is facing a decline in print ad revenue and it posted an 881 million dollar (£609 million) loss previous year.

MySpace peaked in 2008 with some 76 million USA visitors before losing ground to Facebook. Net income in the fourth quarter was $17 million, compared to $145 million in the same period a year ago. Specifically, Time Inc. said Viant can help with targeting ad delivery, linking devices back to real people, and converting ad spending to actual sales.