Making a huge bet on the emerging socialization of the Internet, The New York Times reported today that News Corporation is acquiring Intermix -- whose primary asset is MySpace -- for $580 million.

The conglomerate is clearly making the claim that MySpace will have staying power in the fast-evolving online world. Part of MySpace's success has come at the expense of similarly conceived Web sites built around online communities, like Friendster, that have seen the number of users skyrocket but then decline.

A News Corp. official said MySpace generates "healthy" annual profits of "a few million dollars." Overall, Intermix reported earnings of $4.5 million on revenues of $78.9 million in the quarter ended March 31, compared to a loss of $12.4 million on revenues of $57.3 million in the year earlier period. . Its shares were trading at $11.82 this morning, up $1.10 on the news. News Corp. shares were down 11 cents to $17.36.

The agreement is scheduled to close in the fourth quarter, and both Mr. DeWolfe and Intermix Media's chief executive, Richard Rosenblatt, are expected to stay in their current positions.

News Corp looks to be trying to take a run at Google, Yahoo, and Microsoft, based in part on its FOX Interactive efforts, and likely based on the proven social architecture (see Social Architecture) in MySpace. The new boom is here, and we can expect more bubblicious acquisitions in the near future.