News Corp. will be terminating the employment of Chris DeWolfe, MySpace’s co-founder, as chief exec of the social networking website, in a bid to reinvigorate the troubled platform.
The chief digital officer of the News Corp. Jonathan Miller asserted that DeWolfe was exiting by mutual consent, though he’ll continue to serve as a strategic advisor for the company.
However, DeWolfe’s exit comes after Miller undertook an assessment of MySpace and concluded that the top management of the troubled social networking platform needed some considerable changes.
The decision clearly marks the soaring dissatisfaction of the parent company News Corp. with MySpace that it snapped up for $588 million, as it is losing notably to rival Facebook, even in the US where MySpace has dominated.
Chris DeWolfe co-founded MySpace back in 2003, and led the ad-supported platform for four years under Rupert Murdoch’s News Corp. However, DeWolfe’s successor hasn’t been named yet.
MySpace’s new chief exec will need to deal with a number of challenges to help the website regain space in the highly competing social networking domains, as advertising contract worth $900 million with Google is also ending very soon.
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Myspace is in a spot of trouble as it no longer seems to have the necessary steam to compete with the likes of Twitter or Facebook. Like Friendster, Myspace appears to be to have missed the boat and the fact that the founders are leaving the boat is not a good news.
(The Wall Street Journal)
(Los Angeles Times)