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Time Inc. Acquires Myspace Parent Company Viant

Viant will bring big data and ad technology to Time Inc., which owns more than 60 websites, including Fortune and People.

[Screenshots: via Myspace]

Over the past year, 94-year-old publisher Time Inc. has made several high-profile, digital-first acquisitions—including of HelloGiggles and xoJane—and now it's added another: Viant Technology, the parent company of 12-year-old social network Myspace. Terms of the deal were not disclosed.

But the buy seems to be less about acquiring a once-hip social network and more about reaping the benefits of a successful ad tech company. Viant, which also owns Specific Media, Vindico, and Xumo, is strong in "first party data and programmatic capabilities," according to a statement released by the company. A Time Inc. spokesperson said that "Myspace is intrinsic to Viant’s people-based advertising platform," TechCrunch reports.

In 2014, Viant launched Viant Advertising Cloud, a platform through which more than 1 billion global registered users share data about their households and devices.

Time Inc., which reported an $881 million loss last year, will be able to take advantage of Viant's data platform to target advertising. Time Inc.'s digital properties include more than 60 websites that attract 150 million visitors each month.

As for Myspace, the acquisition doesn't necessarily indicate major changes. Since Specific Media and Justin Timberlake bought the site from News Corp. in 2011, Myspace has focused on music and entertainment and brought in more than 50 million monthly visitors in 2015.

[via TechCrunch]