BroadWebAsia has invested $5 million to $10 million
HONG KONG — Brad Greenspan, former CEO of MySpace parent company Intermix Media, has set up a venture investing in social networking, entertainment and search companies in Asia.
BroadWebAsia has initial funding from Greenspan and in its first five months of operation has invested $5 million to $10 million through investment or partnership with 20 Internet firms in China. Most prominent is BBMAO, a China-focused meta-search engine.
BWA wants to raise a further $50 million from private equity groups or banks. Company is also examining possible flotation on either the Hong Kong Stock Exchange or London’s Alternative Investment Market.
“We will be investing in content creators in China as well as search and social networking services. Content is a huge part of what is going on in China,” Greenspan said. “We don’t call ourselves a fund because we are more hands on than most funds, we create partnerships between our companies.”
Intermix Media was acquired by News Corp. for $580 million last year. Greenspan was its largest shareholder.