News Corp.'s Fox Interactive Media announces restructuring

MySpace.com parent company Fox Interactive Media, a unit of News Corp., announced late Thursday the creation of an "Audience Network" unit.

Adam Bain, who was previously the company's executive vice president of technology and production, will lead the new unit.

The unit's charter, according to a company statement, "will be to optimize monetization across FIM's content network and for third-party publishers," leveraging the company's ad technology that can target ads based on interests. The new unit will combine advertising technology, ad operations, and performance sales efforts into one unit.

The news comes on the heels of an announcement earlier Thursday of MySpace's new music service. It also comes as the company is expected to miss its revenue targets, as was reported earlier on TechCrunch in a report anticipating the reorganization.

TechCrunch, and later The Wall Street Journal, also reported the expected departure of the company's chief revenue officer Michael Barrett.

In addition to MySpace, other FIM networks include Photobucket, IGN Entertainment, and FOXSports.com.