Even News Corp. CEO Rupert Murdoch admits his company mishandled MySpace, but the site's new owners are readying the next iteration of the social network — and it's set to launch later this year. Forbes spoke with Chris and Tim Vanderhook, owners of Specific Media, which acquired MySpace from News Corp. last year. According to the pair, the new MySpace will focus on the service's core strength — music discovery and promotion — as they hope to take advantage of the 42 million songs currently available on the service. They've partnered with Justin Timberlake on the new endeavor, who they say has helped focus the site as a platform that artists can use to promote and build their own brands in a single, unified location. While specific...
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