Next Establishment
Preeminent among the magazine world's kingmaking power lists is
Vanity Fair's New Establishment, which appears in the October issue — on newsstands in L.A. and New York today, but not in the Bay Area for another six days. Silicon Valley gets similar short shrift: The names who make it there are predictable bigs like Steve Jobs and Larry Ellison, or Hollywood-crossover types like Jeff Skoll, eBay's first employee turned movie producer. Walt Mossberg, now employed by New Establishment perennial Rupert Murdoch, also squeaked in. The consolation prize
Vanity Fair offers:
Its "Next Establishment" list, reserved for the likes of Twitter's Ev Williams. It's a marvelous piece of New York media trickery — flatter the geeks by making them feel included, but corral them into a side room so the real power brokers aren't offended by comparison. True, the "Next Establishment" suggests that these are people who might matter in the future. But in saying that,
Vanity Fair's editors are also sending the message that right here, right now, its "Next" nominees are nobodies. On this year's list:
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jackpot
News Corp.'s online arm, Fox Interactive Media, has struggled to attract online talent while paying them like a startup would. (News Corp. shares just don't cut it.) The solution for the unit, which includes MySpace and a passel of lesser-known websites: a long-term incentive plan, or LTIP, which offers a sort of phantom equity to executives in the division. In the last few weeks, the numbers for the most recent fiscal year which ended June 30 were distributed, and they were "disastrously low," says a tipster. "Most executives were already looking to leave," he says. "They hated FIM and the only reason they were staying was because of promises made about the LTIP." True, FIM hasn't quite made its aggressively optimistic numbers. But executives believe the real reason their bonuses are so low is MySpace CEO Chris DeWolfe's fat contract.
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great moments in customer service
Dear Valleywag reader Hannah M.: It's true that sometimes Valleywag writes about News Corp.'s social network MySpace. This does not make us MySpace co-founder Tom Anderson, however. We apologize for any confusion. The Internet can be hard. We understand. By way of making up for this grievance, we've posted your email — addressing us as "MySpace Tom" — in hopes that Anderson will see it and take action. In the meantime, please also note that you should not email "Goob" at FacebookTalk.com for help with your Facebook account.
He's isn't quite as nice as us when it comes to these kinds of mistakes. You are welcome a "bunnch."
earnings
Fox Interactive Media, News Corp.'s Web division overseeing properties including MySpace, Photobucket and Rotten Tomatoes, saw its revenues drop in the second quarter to $210 million., from $233 million in the previous quarter. News Corp. president and COO
told analysts today that the division would not meet its $1 billion revenue goal for its fiscal year, likely coming up $100 million short. He began the call: "Let me begining by saying yes, we will fall short of what were very aggressive projections." Insiders whisper that News Corp. CEO Rupert Murdoch set the numbers high to put pressure on MySpace CEO Chris DeWolfe. DeWolfe and MySpace friend-in-chief Tom Anderson
signed a two-year, $30 million contract last fall to continue running the site.
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social networks
Is
MySpace mascot Tom Anderson, the default friend added to everyone's profile on the social network, 32 years old, as his profile says? Or is he older — 36 or 37? TechCrunch's Michael Arrington says he's heard Anderson is
actually 36 or 37. Which would hardly make Anderson the first person to lie about his age on MySpace, if true. Still, this rumor is doubly painful for MySpace and News Corp. First, it reminds people that his true age is just the
least of the mysteries surrounding Anderson. And second, it points out MySpace's fatal flaw as a business. Unlike Facebook, which forces users to tie their online identities to real-life groups like colleges or workplaces, there's no reason for users — or advertisers — to trust anything in a MySpace profile.
jackpot
The deal that MySpace founders Chris DeWolfe and Tom Anderson got from Rupert Murdoch will pay them more than every exec at News Corp. except Roger Ailes, the head of Fox News. Nikki Finke
notes that their pay package is particulary impressive because News Corp. is stingy with executive compensation. The pair are rumored to receive $15 million spread over two years —
plus equity in MySpace China.
breaking
WEB 2.0 SUMMIT — "I'm happy to say I'll have a job for the next two years," says Chris DeWolfe, CEO of MySpace, on stage with conference organizer John Battelle and his boss, News Corp. CEO Rupert Murdoch,
confirming widespread rumors that he and MySpace cohort Tom Anderson had renewed their contract to run the social network for another two years. "I had to go from the nickel-and-dime newspaper culture, to the magazine culture ... to Hollywood and the Internet culture," says Murdoch, nodding to the reported — but unconfirmed — figure that DeWolfe and Anderson would make: $30 million over two years. More live coverage, after the jump.
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Valleywag
Newsweek confirms the 
