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MySpace firm Viant bought by Time Inc

Published 11/02/2016

The company that owns the once-ubiquitous social network MySpace is being bought by Time Inc to help the magazine publisher target ads.

Parent company Viant said it can give marketers access to more than 1.2 billion users.

MySpace peaked in 2008 with some 76 million US visitors before losing ground to Facebook.

News Corp sold the company to Justin Timberlake and other investors in 2011 for 35 million dollars (£24 million).

Today it is an entertainment-focused site that plays music videos and songs.

Time will not say what it paid. The publisher of People, Sports Illustrated and Time was spun off from entertainment company Time Warner in 2014.

The company is facing a decline in print ad revenue and it posted an 881 million dollar (£609 million) loss last year.

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