Next, News Corp. and MySpace hit it off immediately.

By the end of September, the two parties had reached a final agreement, with a transaction price of US$580 million. Including options and salaries, the actual price was close to US$750 million.

News Corp. has finally obtained its ticket to the internet!

Chris DeWolf and Tom Anderson have both achieved financial freedom.

The first batch of venture capital firms also made a fortune.

News Corp. took on the hot potato that was MySpace.

Currently, Facebook has completely surpassed MySpace, and News Corp.'s decision to take over MySpace has been met with skepticism from outsiders.

Inside News Corporation at this time.

Murdoch, smiling broadly, addressed the crowd: "Internationally, people aren't optimistic about our acquisition of MySpace, but we ourselves are very clear about our purpose. News Corporation has reached a stage where it faces a transformation—it must develop online digital media. MySpace has tens of millions of users, which can drive traffic to our new media business!!!"

Everyone applauded.

What the boss said makes some sense, but the price is a bit too high.

"Furthermore, MySpace might just catch up with Facebook..." Murdoch confidently asserted. Throughout his entrepreneurial journey, he had acquired numerous newspapers and magazines, most of which were struggling financially at the time. However, through Murdoch's skillful management, they all turned a profit. He believed he could also make MySpace rival Facebook.

Before Murdoch could finish speaking, there was a knock on the door.

Immediately afterwards, his secretary walked in.

"Chairman, Facebook has just updated with a new feature!!!"

Murdoch frowned, his face showing displeasure, and asked, "What function?"

"Newsfeed! It's said to use algorithms to evaluate users' preferences for various types of content based on the frequency of their interactions with other users/information on social networking sites, then rank the information according to its importance and push relevant information from social networks in real time!"

Murdoch dismissed the idea, seeing it as nothing more than pushing messages and ads to users, nothing new, just like Twitter.

"Alright, I understand. You can leave now."

Murdoch gestured for his secretary to leave.

Then he began to speak at length, demanding that the myspace website monetize its advertising as soon as possible.

Chris DeWolver and Tom Anderson remained heads of MySpace, but News Corp. offered them a very high salary of $75 million. So, to get that high salary, they were willing to do whatever their boss said. They didn't want to be fired, and they preferred to follow News Corp.'s lead rather than risk innovation.

A classic case of a layman instructing a professional.

...

At this time, countless Facebook users suddenly discovered that when they logged into Facebook, the website would proactively push various information that they were interested in.

Since it's information they're interested in, they'll naturally browse it carefully.

The launch of the newsfeed feature has quietly changed how long Facebook users spend on the site and has also made the Facebook website more engaging.

Of course, there is also a lot of advertising revenue.

Facebook's revenue increased by 147% on the first day of the newsfeed launch alone.

Behind Murdoch's back, Facebook employees were overjoyed and incredibly excited...

(End of this chapter)