MySpace Founder Invests in China

HOLLYWOOD REPORTER -- Aug 24 -- Brad Greenspan founded eUniverse in 1999, which housed dozens of Internet sites including MySpace. He objected to the $580 million sale of MySpace to News Corp. (revenue was skyrocketing, the price tag was too low) and has now trained his sights on China.  He's founded BroadWebAsia, which has in turn taken stakes in 20 Chinese Internet companies that focus on entertainment and -- like MySpace -- social networking. Brad credits the promotional power of the eUniverse sites, in particular its dating sites, for allowing MySpace to overrun Friendster. His China investments so far have ranged from $200,000-$3 million and all have been financed through BroadWebAsia, which employs 15 people in offices in L.A. and Shanghai. He intends to raise $50 million through private equity or the public markets in the U.K. or China and invest in Asian companies outside of China. About 120 million people in China have Internet access, ~10% of the population, so the growth potential is phenomenal.