MySpace has settled with the US Federal Trade Commission (FTC) on charges that it misled users about privacy protections.
The former champion of social networking has decided to give in to the FTC and its charges of misleading users about sharing personal information with advertisers.
Under the guidance of new owner Specific Media, MySpace settled the case which started while the social networking site was owned by News Corp.
"In order to put any questions regarding MySpace’s pre-acquisition advertising practices behind us, MySpace has reached an agreement with the FTC that makes a formal commitment to our community to accurately disclose how their information is used and shared," said Specific Media.
The settlement bans MySpace from future privacy misrepresentations, requires it to implement a stringent privacy programme which will be subject to regular assessments for the next 20 years.
Once considered a true competitor to Facebook, MySpace has fallen on hard times since its purchase by News Corp in 2004. The social networking site was once valued at as much as $12 billion, but fell quickly as Facebook began to rise in popularity.
Specific Media bought MySpace for $35 million last year from News Corp. Rupert Murdoch, News Corp chief executive officer, would later admit that purchasing MySpace was a mistake.
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