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Investors to Thwart Intermix Sale to News Corp.

An investor group on Friday offered to acquire a significant stake in Intermix Media, owner of MySpace.com, in an effort to thwart News Corp.'s acquisition of Intermix, writes Reuters (via paidContent). FreeMySpace LLC, the group led by Intermix' largest non-insider stockholder Brad Greenspan (the founder of Intermix predecessor eUniverse), said it would pay $13.50 a share for up to half of the share of Intermix shareholders, who would retain equity participation. FreeMySpace said it could complete the transaction within 60 days. It also said Greenspan would file a proxy statement with the Securities and Exchange Commission to solicit proxies from Intermix shareholders to vote against the News Corp. deal, and it is asking to postpone a Sept. 28 shareholders meeting.

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