updated 7/18/2005 11:16:16 AM ET 2005-07-18T15:16:16

News Corp., the media conglomerate controlled by Rupert Murdoch, is buying the online company Intermix Media Inc., owner of the social networking site MySpace.com, for $580 million in cash.

The deal announced Monday is the first investment by News Corp.’s newly formed Internet business unit Fox Interactive Media, which the company announced on Friday.

At the same time it is being acquired by News Corp., Intermix is also buying the other 47 percent of MySpace.com that it doesn’t already own. MySpace is a networking site like Friendster.com that also allows users to share content such as music. It has become popular among musicians and bands, some of whom have used the site to introduce albums.

Intermix came under fire from New York Attorney General Eliot Spitzer, who accused the company of secretly installing “adware” — software that delivers pop-up advertisements or similar promotions. Last month the company reached a tentative agreement to pay $7.5 million over three years to settle the accusations.

Copyright 2005 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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