MySpace Music, which was originally expected to launch Monday, is now pushed to later in the week, and other drib drabs about it are leaking out. We had some details earlier on Friday.
-- New PE Funding?: Very much like Hulu. the other digital video JV, MySpace Music, which has investments from the three studios, is looking to raise PE money, reports TC. The post says it is looking to raise "well over $100 million, at a valuation of $2 billion or more." Providence Equity Partners, which invested $100 million in Hulu at $1 billion valuation, is reported to be looking at investing. Staci adds: Well, yes, News Corp would love a $2 billion-plus valuation—think Facebook—but that doesn't make it so; that's their number, not something anyone has agreed to but again, think Facebook and Microsoft. Call it a case of headline valuation versus real valuation. Providence would be a natural investor given that the two already have a good relationship aided by the way Hulu is so far delivering on its promise. MySpace Music is different, though. As one person familiar with the thinking explained it, Hulu is its own company for the most part while MySpace Music is really like a company with MySpace—and with more parties involved. On the other hand, unlike Hulu, which has had to build an audience, even though the music itself is fairly ubiquitous, MySpace Music could launch as the number 1 music site or pretty close to it.
-- New CEO: The shortlist is down to two candidates, according to LAT. They are Andy Schuon, a former head of programming at MTV and Infinity Broadcasting (now CBS Radio) and longtime Universal Music executive; the other Owen Van Natta, the former chief revenue officer at Facebook, which would be an interesting choice hiring from a rival (though of course after he left earlier this year). The CEO search has been going on for about six months now and other execs who have been interviewed along the way include former AOL EVP Jim Bankoff, BigChampagne CEO Eric Garland, and Benchmark Capital EIR Dave Goldberg and Ian Rogers, both formerly GMs of Yahoo Music.
-- Advertisers: Sony Pictures has signed on as the first studio advertiser to promote its pics on MySpace Music, reports Variety. Other advertisers on launch include McDonald's, State Farm and Toyota. Sony (NYSE: SNE) will promote its new music-themed comedy "Nick & Norah's Infinite Playlist," which stars Michael Cera...it releases October 3. The studio will skin the playlists; McDonald's will sponsor free music downloads; Toyota will offer free music on Tuesdays over the year. And State Farm will also be featured throughout the site. These are reported to be seven to eight figure commitments from the sponsors.
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