MySpace Founder Targets China

LOS ANGELES, August 24: Brad Greenspan, the founder of
MySpace.com, has launched BroadWebAsia (BWA), a new venture targeted at
building social networking, entertainment and Internet search properties across
Asia, with an initial focus on China.

Greenspan previously served as founder, CEO, and chairman of
eUniverse (later renamed Intermix Media), where he led the creation and launch
of MySpace in August 2003. He was a vocal critic of his former company’s
decision to be bought out by News Corporation

Greenspan has already signed agreements to invest in and
partner with more than 20 Chinese Internet companies. Combined, these companies
have more than 20 million unique visitors and approximately one billion page
views per month.

"The launch of BroadWebAsia will allow me to implement
my proven U.S. Internet strategy in China, where there are more than 120
million Internet users, making the country second only to the U.S. in terms of
online users," he said. "With less than 10 percent of the Chinese
population online, there is vast potential for growth. By partnering with early
leaders and working with local management, we will dramatically increase
traffic and revenue potential for our emerging online Chinese partners."

BWA's first portfolio company, BBMAO.com, is the first
meta-search engine focused on China. Greenspan helped the founders of BBMAO
strategize and launch the site more than nine months ago. Today, it has over
70,000 unique users a day. BWA is also seeking to raise up to $50 million for
other acquisitions, investments and transactions in the Chinese Internet
marketplace. Greenspan serves as BWA's chairman of the board.