MySpace was started by two entrepreneurs- Tom Anderson and Chris DeWolfe- in 2003. In 2005, the company was reportedly sold to News Corp. for $650 million. When News Corp. acquired MySpace, the original founders still remained in their leadership positions. However, according to The Wall Street Journal, the original founders will now be stepping down from their positions. News Corp. is allegedly looking for new executives to lead the online networking site, and invigorate its growth.
News Corp., which was founded by Rupert Murdoch, owns several other companies including: Dow Jones & Co. (which publishes The Wall Street Journal), Hulu (an online video site that is a joint venture with NBC Universal), NDS Group (the world's largest supplier of digital pay tv), and News Outdoor (the largest out-of-home advertising company).