The purchase price for Myspace was $35 million and the site apparently gets about the same number of monthly uniques. Siblings Chris and Tim Vanderhook (pictured, left to right) come to the social media rescue operation with a very simple and profitable separate, 500-employee business. Specific Media rents out ad space from websites, then turns around and fills that space with targeted promos.
The other property in the Vanderhook family portfolio is BBE, a New York based digital production company. The firm was acquired last fall and counts among its original programming the entertainment news magazines Hollywood Fast Track and The Clicker.
In the LA Times article, the brothers hint that they want to turn Myspace into an original content hub. If these two shows are any indication, the plan will likely involve some very perky blondes.
[Photo credit: Ricardo DeAratanha]
Previously on FishbowlLA:
Rupert Murdoch’s Two Big Myspace Mistakes
- Al Jazeera Journalist Unwinds in Beirut with LA's Dublab
- Vegas Art Project Migrates from Web to Gallery Spaces
- Mission & State Open for Investigative & Narrative Business
- Report: Bay Area Media Mogul Set to Add Non-Controlling Interest in GLBT Weekly