— Brad Greenspan, who bought into MySpace as CEO of eUniverse, is looking to raise $50 million in private equity in the UK or China to fund entertainment and social networking projects in Asia. He told Hollywood Reporter that investments through his BroadWebAsia company have so far ranged from $200,000 to $3 million. BroadWebAsia has stakes in 20 Chinese web firms – giving Greenspan access to the Chinese market while bypassing what he described as the difficult regulatory environment and censorship: “We’re working with Chinese entities who have already thought out those issues rather than just trying to create a MySpace 2.0.” The piece puts web access in China at 120 million or 10 per cent of the population – leaving massive potential for growth. Background: As largest shareholder of MySpace parent Intermix (formerly eUniverse), Greenspan tried to block News Corp’s acquisition
This article originally appeared in MediaGuardian.