Time Inc. announced on Thursday it's buying Viant Technology, a profitable online advertising company that also owns once-dominant social network Myspace.
Exact terms of the deal weren't shared, however Time Inc will become a majority owner of Viant and the founders, the Vanderhook family, will retain a minority stake in the 94-year old company.
Time, who owns Sports Illustrated and Fortune Magazine, says it will use Viant's technology in tandem with its vast content network "to bring substantial value to clients of both platforms."
For Myspace, Time is another new home. In 2005, what was once the world's most popular social network was acquired by News Corporation for $580 million. In 2011, it was acquired for $35 million by Specific Media Group, whose parent company is Viant, and recording artist Justin Timberlake.
"This acquisition is game changing for us," said Time's CEO Joe Ripp. "Marketers are selecting media partners that have either data-driven capabilities or premium content; we will be able to deliver both in a single platform, and will stand apart from those that offer just one or the other."
Time isn't planning on turning Myspace into the next Facebook. Rather, the acquisition will give the media company access to data of one billion registered users from the Myspace days and Viant's advertising network that "rivals industry leaders Facebook and Google".
Time spun off from parent company Time Warner in 2014 and is working on navigating the online content world as it moves away from print. The company reported earnings on Thursday of $877 million, down two percent from the previous quarter. Digital advertising was up 17.2 percent to $102m, while print and other advertising fell to $382m -- a 6.6 percent decline.