Myspace still exists? Yes, and now Time Inc. owns it

NEW YORK – Myspace still exists?

It does, and the company that owns the once-ubiquitous social network is being bought by Time Inc. to help the magazine publisher target ads.

The parent company, Viant, says it can give marketers access to more than 1.2 billion users.

Myspace peaked in 2008 with some 76 million U.S. visitors before losing ground to Facebook. News Corp. sold the company to Justin Timberlake and other investors in 2011 for $35 million. Today, it is an entertainment-focused site that plays music videos and songs.

Time Inc. will not say what it paid. The publisher of People, Sports Illustrated and Time was spun off from entertainment company Time Warner in 2014. The company is facing a decline in print ad dollars and it posted an $881 million loss last year.