Report: MySpace Investors to Seek Additional Funding

MySpace is still working on getting its sexy back. Specific Media, the Justin Timberlake-led investor group that purchased the social network from News Corp. (NAS: NWS) for $35 million last year, is now seeking $50 million in additional funding, according to a confidential slide show presentation obtained by Business Insider.

Plans call for the revamped site to pivot from competing with Facebook (NAS: FB) to creating an alternative to Pandora Media (NYS: P) and privately held Spotify. MySpace is on track to generate $15 million in revenue this year, up from $9 million in 2011, reported Business Insider. The new MySpace is due to launch during the second quarter of 2013.

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The article Report: MySpace Investors to Seek Additional Funding originally appeared on Fool.com.

Fool contributor Tim Beyers is a member of the Motley Fool Rule Breakers stock-picking team and the Motley Fool Supernova Odyssey I mission. He didn't own shares of any of the companies mentioned in this article at the time of publication. Check out Tim's web home, portfolio holdings and Foolish writings, or connect with him on Google+, Tumblr, or Twitter, where he goes by @milehighfool. You can also get his insights delivered directly to your RSS reader.

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