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Redstone believed that the failure to acquire My Space contributed to the 20% drop in Viacom's stock price in 2006 up to the date of Freston's ouster.

Freston's successor as CEO, Philippe Dauman, was quoted as saying "never, ever let another competitor beat us to the trophy".

The products division had introduced many features (communication tools such as instant messaging, a classifieds program, a video player, a music player, a virtual karaoke machine, a self-serve advertising platform, profile-editing tools, security systems, privacy filters, and Myspace book lists, among others).

However, the features were often buggy and slow as there was insufficient testing, measuring, and iterating.

In July 2005, in one of the company's first major Internet purchases, Rupert Murdoch's News Corporation (the parent company of Fox Broadcasting and other media enterprises) purchased Myspace for US$580 million.

After losing the bidding war for Myspace, Viacom chairman Sumner Redstone stunned the entertainment industry in September 2006 when he fired Tom Freston from the position of CEO.

We know there are so many loyal fans who have used AIM for decades; and we loved working and building the first chat app of its kind since 1997.

Our focus will always be on providing the kind of innovative experiences consumers want.

Shawn Gold, Myspace's former head of marketing and content, said "Myspace went too wide and not deep enough in its product development.

We went with a lot of products that were shallow and not the best products in the world".

The My domain was originally owned by Your Z.com, Inc., intended until 2002 for use as an online data storage and sharing site.

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