MTV Buys Social Project

Santa Monica-based Social Project--which was once known as Tagworld--has been acquired by MTV Networks, MTV said Monday. Financial terms of the acquisition were not disclosed. According to MTV Networks, which is a division of Viacom, the acquisition will allow the firm to accelerate its introduction of its Flux social media platform across its portfolio. Social Project is behind the development of Flux, software which allows web publishers to create their own social networking web sites. According to MTV, Social Project and its 31 employees will remain based in Santa Monica. Social Project was venture backed by Draper Fisher Jurvetson and MTV, and originally started as a competitor to MySpace.