Greenspan founded MySpace and is a
former chief executive of its parent company Intermix. He filed a
suit in February claiming that News Corp's $580 million purchase of
Intermix did not value the business highly enough, claiming that
the company's officers acted out of a desire for personal gain
above the interests of the shareholders.
Superior Court judge Carolyn Kuhl dismissed Greenspan's claims,
saying that the acquisition was legal and the decision taken by
Intermix board members was legitimately taken, according to Fox
Interactive, the division of News Corp which looks after
MySpace.
"News Corporation and Fox Interactive Media feel vindicated by
Judge Kuhl's ruling," said Mike Angus, Fox Interactive Media's
general counsel in a statement.
Last week Greenspan published a demand that an investigation be
conducted into the sale by the US financial regulator the
Securities and Exchange Commission, the United States Department of
Justice and the United States Senate Committee on Finance.
“News Corp.'s valuation has increased by $12 billion since the
transaction occurred just one year ago, and there are several
independent analysts today that agree that Myspace is worth tens of
billions of dollars,” Greenspan said in that statement.
