MySpace faces rejection, internal dissent in hiring music venture CEO August 11, 2008
"MySpace Inc.'s search for a new CEO to run the MySpace Music joint venture has hit a number of snags, not the least of which is that its preferred candidates have declined the job. Another obstacle: Key technology executives inside the company have urged top brass not to hire a new leader until after MySpace Music launches next month.
A source with knowledge of the situation says the company's technology team has warned MySpace CEO Chris DeWolfe and chief operating officer Amit Kapur not to bring in a CEO with the new music service, a joint venture with three of the four major music labels, so close to launch for fear that a new executive would demand changes that would threaten the development team's timeline." [TheDeal]
The MySpace Music CEO Candidate Shortlist August 5, 2008
Get ready to start hearing a lot about MySpace Music, a huge joint venture project between MySpace and the big music labels. One big question about the project remains: who will be the CEO of the new company. We’ve gathered a shortlist of candidates that MySpace has interviewed. [TechCrunch]
Why are joint ventures such magnets for trouble? August 6, 2008
Why (apart from a journalistic weakness for handy labels) should this be? The governance challenge when two companies team up -- a great argument-starter whenever corp dev professionals talk about JVs -- is surely one factor. Decisions inevitably take longer with two parties involved.
But there's more going on.
Rarely a first choice as a strategic tool, JVs are usually formed because there seems no better way to solve a tough business problem. Sometimes the problem is one of market access. BP plc's deal with TNK and Group Danone SA's experience in China with Wahaha Group Co. Ltd. notwithstanding, these kinds of JVs do have a reasonable track record; lots of multinationals have used them to get established in developing markets, often buying them out as the local rules change. [TheDeal]
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