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By Brahma Chellaney
Beijing's creeping aggression signals a challenge to U.S. presence in the Asian Pacific
Independent voices from the The Washington Times Communities
Topic - Tim Vanderhook
News Corp. has sold struggling social networking site MySpace for $35 million, mostly in stock, according to a person familiar with the matter. The deal values MySpace at a fraction of what News Corp. paid for the site six years ago, and paves the way for large scale layoffs and an uncertain future.
Justin Timberlake apparently wasn't satisfied with just playing a social media impresario in the movies, so now he's becoming one in real life.
"When we met with Justin and we discussed what our strategy was, we hit a chord with him," Vanderhook told The Associated Press. "One of his passions is he really enjoys helping other artists and creating a community for people to really express themselves. I think we were blown away that we were able to get someone like Justin to be so excited about what we were doing."
Vanderhook said the revamp will include additional investment in technology and maintain the right to stream music through the joint venture it has with major recording companies, MySpace Music.