Rupert Murdoch’s News Corp. has demonstrated the seriousness of its commitment to digital media by reaching a deal to buy Intermix Media Inc. for $580 million in cash…. The announcement — one of the biggest commitments to the Web by a big media conglomerate in recent memory — underscores how important online advertising has become to traditional media companies now that the online ad industry has recovered. —Ken Magill —News Corp. To Acquire Intermix (Click Z Network)

One of the websites involved in this deal is myspace.com, which several of my students have referred to as a bit less angsty version of LiveJournal.