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After losing the bidding war for Myspace, Viacom chairman Sumner Redstone stunned the entertainment industry in September 2006 when he fired Tom Freston from the position of CEO.
Redstone believed that the failure to acquire My Space contributed to the 20% drop in Viacom's stock price in 2006 up to the date of Freston's ouster.
A key architect was tech expert Toan Nguyen who helped stabilize the Myspace platform when Brad Greenspan asked him to join the team.
Co-founder and CTO Aber Whitcomb played an integral role in software architecture, utilizing the then superior development speed of Cold Fusion over other dynamic database driven server-side languages of the time.
That resulted in De Wolfe and Anderson gradually losing their status within Murdoch's inner circle of executives, plus De Wolfe's mentor Peter Chernin, the President and COO of News Corp.
who was based in Los Angeles, departed the company.
Myspace could not experiment with its own site without forfeiting revenue, while rival Facebook was rolling out a new clean site design.
Redstone told interviewer Charlie Rose that losing My Space had been "humiliating", adding, "My Space was sitting there for the taking for 0 million" (Myspace was sold in 2012 by News Corp for million.) On November 1, 2007, Myspace and Bebo joined the Google-led Open Social alliance, which already included Friendster, Hi5, Linked In, Plaxo, Ning and Six Apart.Some employees of Myspace, including De Wolfe and Berman, were able to purchase equity in the property before My Space and its parent company e Universe (now renamed Intermix Media) was bought.In July 2005, in one of the company's first major Internet purchases, Rupert Murdoch's News Corporation (the parent company of Fox Broadcasting and other media enterprises) purchased Myspace for US0 million.Around that time, specialized social media companies such as Twitter formed and began targeting Myspace users, while Facebook rolled out communication tools which were seen as safe in comparison to Myspace.Boyd compared the shift of white, middle-class kids from the "seedy" Myspace to the "supposedly safer haven" of Facebook, to the "white flight" from American cities; the perception of Myspace eventually drove advertisers away as well.