Time Inc. just bought MySpace’s parent company

Myspace parent company bought by Time Inc

Time Inc., best known for its ownership of Time, Fortune, and People magazines, has acquired Viant, the parent company of Myspace.

In a press release, Joe Ripp, chairman and CEO of Time Inc., described the acquisition as “game changing.”

Financial terms of the deal were not disclosed.

Ad network Specific Media, another Viant-owned company, acquired Myspace for $35 million in 2011.

While Myspace never regained its former glory, it has amassed data for more than 1 billion registered users.

While many Myspace users have likely abandoned old email addresses and moved on, it’s still a massive trove of user data that Time, inc. can use for various digital media purposes.

In fact, Viant launched an Advertising Cloud in 2014. Its platform allows marketers to connect their own databases with Viant’s data. It also contains a demand-side ad platform, an ad server, and a data-analytics platform.

In its press release, Time says the acquisition will help the company: “Targeting ad delivery to the optimal audiences; linking devices back to real people; converting ad spending to actual sales and closing the ROI loop.”

Time believes the first-party data set that is receiving “rivals industry leaders Facebook and Google.”

MySpace still attracts tens of millions of visitors each month. Time, Inc. has not announced any plans for the social network.

Time Inc. can definitely use a hand in closing the revenue gap. The company announced on Thursday that revenue fell 2% year-on-year to $877 million in the three months to December 31.