News: MySpace cowboys

News/Social Networks/Myspace/Patricia Sellers
Found on: cnnmoney.com

One night this past April, Tom Anderson was surfing MySpace.com, as he does for hours every night, when he spotted a link to something called kSolo on another member's profile page. The service, Anderson learned, lets you record karaoke online and e-mail songs to friends. A karaoke man himself (he used to be the lead singer in a band called Swank), he immediately tried kSolo - playing a scorching anthem called "Cowboys From Hell" by the thrash-metal band Pantera. "It was cheesy but great," Anderson says. The next day, he told his business partner, Chris DeWolfe, to check out the site.

Just three years ago, the exchange between Anderson and DeWolfe might have ended there, a failed musician and a frustrated entrepreneur bonding over karaoke. But Anderson and DeWolfe don't just obsessively use MySpace - they founded it. Last July, News Corp (Charts). agreed to buy their company, and they decided to stay on as president and CEO.