As we mentioned Sunday night, comments by MySpace CEO Chris DeWolfe in a USA Today interview suggested he and the social net’s president Tom Anderson were staying at News Corp.’s (NYSE: NWS) Fox Interactive Media. They have indeed extended their stays, paidContent.org has confirmed. A source familiar with the terms says the compensation is tied to performance. Its a “substantial raise” — each could earn up to $15 million if they deliver the goods. I could not confirm the length of the employment agreements so how much they stand to make annually is a little murky. (Note: DeWolfe said tonight the deal is for two years.)…
Also, despite a report to the contrary at Portfolio.com, I am told DeWolfe is not expanding responsibilities at FIM, that the “straightforward deal” is an extension that does not alter their current responsibilities.
Update 1: I gather the potential payout for the two is raising some hackles among execs at News Corp. with more responsibility and less of a personal upside. One other thought for now re DeWolfe: What he very well may be getting is more autonomy in terms of running MySpace.
Update 2: DeWolfe appeared with News Corp. chairman and CEO Rupert Murdoch at Web 2.0 tonight. Barrons’ Eric Savitz blogged the session featuring his soon-to-be top boss. DeWolfe officially announced what’s been reported here and elsewhere — that he and Anderson are staying on “for the next few years.” They also announced, as many expected, that MySpace will open up to third-party developers. Murdoch described Facebook as a utility and told Kara Swisher the potential valuation of the other social net at $15 billion “tells you is that News Corp. is totally under-priced.”
Update 3: More on opening up the MySpace platform: it will open up in the next couple of months. DeWolfe said he was seeking to create a far more lucrative environment for outside developers on MySpace than currently exists on Facebook, reports Reuters….meaning more control to developers to build more complex services, and giving developers control over ads that runs on apps they create.