German media giant Bertelsmann AG has begun crafting plans to develop an entertainment-driven social networking website to compete with MySpace and other similar services, a source familiar with the discussions has revealed.
The news comes less than one week after Bertelsmann agreed to sell video content to the popular internet video site YouTube, which has a social networking component and which was acquired days later by Google.
With the new site, Bertelsmann aims to create a community for its music and video projects, according to the source.
Wednesday, October 18, 2006
Bertelsmann to compete with Murdoch's MySpace
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