Rupert Murdoch Buys Blog Hosting Site MySpace

News Corp is bolstering its newly-formed internet unit by spending $580 million on Intermix - the company behind free blog hosting provider myspace.com.

Intermix owns and runs about 40 websites but currently the best performer is myspace.com. Myspace is a blogging and networking site. It brought in 15.6m viewers in May, according to comscore Media Metrix. The site is growing very fast - in February it had nine million visitors.

The sites will be included in Fox’s Interactive Media unit. Murdoch hopes it will double visitors to his web properties to 45m unique monthly visitors.

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He is buying blogs just for traffic!?

Are we noticing a second internet bubble?

Update: Yes!