Time Inc. has purchased Viant, the parent company of social media site MySpace, the company announced Thursday.
Viant is a database and advertising technology firm that controls several digital media companies, including MySpace, Xumo, and Vindico. The terms of the deal were not disclosed.
“This acquisition is game changing for us,” said Time Inc. chairman and CEO Joe Ripp. “Marketers are selecting media partners that have either data-driven capabilities or premium content; we will be able to deliver both in a single platform, and will stand apart from those that offer just one or the other.”
MySpace was once the top social media site on the Web, before the rise of competitors like Facebook and Twitter. It was acquired by News Corp. in 2005 for $580 million, but sold off to Viant six years later for just $35 million.
However, the site reportedly still receives upwards of 50 million visitors a month.
MySpace has undergone several redesigns, including one under the direction of Justin Timberlake, but the site has never been able to match its early success as its user base continued to flee to other social media sites.
Time Inc. has struggled in its earnings in recent years, with the company reporting a net income loss of $881 million in 2015. The company saw declines in its print advertising revenue, while digital ad revenue grew 11 percent to $331 million.