Report: MySpace Investors to Seek Additional Funding

MySpace is still working on getting its sexy back. Specific Media, the Justin Timberlake-led investor group that purchased the social network from News Corp. (Nasdaq: NWS  ) for $35 million last year, is now seeking $50 million in additional funding, according to a confidential slide show presentation obtained by Business Insider.

Plans call for the revamped site to pivot from competing with Facebook (Nasdaq: FB  ) to creating an alternative to Pandora Media (NYSE: P  ) and privately held Spotify. MySpace is on track to generate $15 million in revenue this year, up from $9 million in 2011, reported Business Insider. The new MySpace is due to launch during the second quarter of 2013.


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Tim Beyers

Tim Beyers first began writing for the Fool in 2003. Today, he's an analyst for Motley Fool Rule Breakers and Motley Fool Supernova. At, he covers disruptive ideas in technology and entertainment, though you'll most often find him writing and talking about the business of comics. Find him online at or send email to For more insights, follow Tim on Google+ and Twitter.

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