News Corp. Buys Intermix For $580M

News Corp. has purchased Intermix Media, the operator of the popular social networking site, in a deal worth $580M. The cash deal calls for News Corporation to pay $12 per common share for Intermix, which runs a network of over 30 Internet web sites, of which is the most notable. The acquisition comes on the heel of the formation of Fox Interactive Media, a unit of News Corporation focused on online internet presence. Intermix's is one of the most popular social networking services ranked as the fifth web domain in terms of page views according to comScore Media Metrix. The site allows users to create personal profiles, photo galleries, blogs, and share music and more. heavily focuses on music and ties into bands and music labels, and TV shows. Intermix is backed by VantagePoint Venture Partners, Redpoint Ventures, and others.