MySpace co-founders stepping aside as growth slows

(MarketWatch) -- News Corp. said Wednesday that MySpace co-founders Chris DeWolfe and Tom Anderson are stepping aside, as the online social networking service they helped build into a phenomenon has begun to suffer in comparison to rival Facebook Inc.

DeWolfe is resigning his role as chief executive, while Anderson is shifting from president to an unspecified "new role," according to a company statement.
DeWolfe will continue serving on the board of MySpace China and as an advisor to the company, according to the statement.

Anderson, meanwhile, is in discussions with News Corp. Chief Digital Officer Jonathan Miller about "assuming a new role in the organization."
"Chris and Tom are true pioneers, and we greatly value the tremendous job they've done in growing MySpace into what it is today," Miller said in the statement.
MySpace is a dominant online social-networking service, built in its early days on a foundation of participating musicians and their fans.
News Corp acquired MySpace parent company Intermix Media for roughly $580 million in 2005.

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