MTV Fully Buys Out Social Project For Full Ownership of Flux (Formerly Known As Tagworld)
Viacom, Inc. (NYSE:VIA.B) operating company MTV Networks has announced today that they have acquired Social Project Inc. Social Project and MTV worked together to build a company called Flux. Flux is a social media platform that powers websites like 3hive.com, 50cent.com, pitbull.com, thedailyshow.com, rapbasement.com, souljaboytellem.com, pcdmusic.com, and wallflowers.com.
Flux powers a network of sites that has over 7.5 million users combined. This platform competes directly with Automattic and Ning.
“In developing Flux with Social Project, we took a radically different approach by building a media-centric social network that’s distributed, yet connected — and that approach has proven to be very powerful with our audiences,” stated Mika Salmi, President of Global Digital Media at MTV. “With this acquisition, we’ll continue and accelerate our vision for Flux, and connect our audiences to their passions and each other by helping them move content and their identity freely across the Web.”
Through the acquisition, MTV plans on adding more clients. The 31 employees of Social Project Inc. will remain in Santa Monica, Calif.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry