Softbank Corp will quit its domestic social networking site business after just five years, liquidating a joint venture with Rupert Murdoch's News Corp for the Japanese-language version of Myspace, the Nikkei business daily reported.
The 50-50 joint venture with U.S. media group News Corp will shut down at the end of January and be liquidated, the Nikkei reported. The Japanese-language service will be taken over by U.S. firm Myspace LLC, the newspaper added.
News Corp acquired Myspace for $580 million in 2005, when it was among the world's most popular websites, and the company's success in beating out rival Viacom Inc in a bidding war was viewed as a major victory for Murdoch. (Reuters)
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