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News Corp. Completes Intermix Acquisition

Oct 3, 2005  •  Post A Comment

News Corp. announced Monday that it has completed its $580 million all-cash purchase of Intermix Media.

The two companies managed to complete the deal despite protests from Intermix’s largest individual shareholder and former CEO Brad Greenberg, who blasted the transaction as undervaluing Intermix, a company that owns more than 30 Web sites, including popular social networking site MySpace.com.

As part of the transaction, News Corp. will pay Intermix’s common shareholders $12 cash for each share they own in the company. In addition, preferred shareholders will receive between $12 and $14.60 a share for each preferred share, depending on the series of convertible preferred shares they own.

Intermix is one of several companies snapped up by News Corp. in recent weeks as the Rupert Murdoch-controlled company looks to raise its profile on the Web.