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MySpace cofounder to step down 'by mutual agreement'

2 min

MySpace owner News Corp. announced on Wednesday that cofounder and chief executive Chris DeWolfe will step down "by mutual agreement". In 2003 DeWolfe helped launch the social network, which News Corp. acquired in 2005 for $580 million.

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AFP - MySpace co-founder Chris DeWolfe is stepping down as chief executive of the social network, MySpace owner News Corp. announced on Wednesday.

News Corp.'s new chief digital officer Jonathan Miller said that "by mutual agreement, Mr. DeWolfe will not be renewing his contract and will be stepping down in the near future."

In a statement, News Corp. also said that Miller was "in discussions" with MySpace president Tom Anderson which would have him "assuming a new role in the organization."

News Corp. said DeWolfe will continue to serve on the board of MySpace China and be a strategic advisor to the company.

"In a little under six years we've grown MySpace from a small operation with seven people to a very profitable business with over 1,600 employees," said DeWolfe.

"It's been one of the best experiences of my life and we're proud of, and grateful to, the team of talented people who helped us along the way."

Anderson and DeWolfe are credited with creating MySpace, which launched in 2003 and was bought by News Corporation in 2005 for 580 million dollars (US).

"From the very beginning, our driving passion has been simple - to create and foster a platform where people across the globe can not only meet and interact, but share music, videos, thoughts and ideas," Anderson said.

"I love this business, and look forward to its next chapter."

Miller referred to Anderson and DeWolfe as "true pioneers" and credited them with building MySpace into a "vibrant creative community" with 130 million followers worldwide.

Miller added that a new management structure for MySpace will be announced "in the near future."

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