BusinessInsider.com is reporting that MySpace co-founder Tom Anderson has signed a new deal, which pays him $500,000 per year for two years. All he has to do is not show up for work. That’s right. Everyone’s favorite MySpace friend is being told to stay away from the office for $1 million.
A single source close to Tom tells us that in the wake of Chris DeWolfe’s departure, Tom signed a new, two-year-deal worth $500,000 per year. As a part of the deal, Owen and new News Corp digital media boss Jon Miller asked Tom to stop coming to the office.
It seems like a great deal on the surface, but after researching it further, this deal is not really a deal at all. It turns out Tom Anderson was making $7.5 million per year for the past two years. He and the other MySpace cofounder, Chris DeWolfe, were both making $7.5 million per year. News Corp Chairman Rupert Murdoch was the only person at News Corp who was making more than Tom and Chris. Therefore, by signing this new contract, Tom is basically taking a $7 million pay cut. That makes this new deal seem terrible.
I guess it’s only fitting that Tom and Chris have no part in their invention any longer. They sold out to News Corp for a ton of money (supposedly about $327 million), and now News Corp is calling the shots. But it’s okay. At least they got out before MySpace is phased out by Facebook and Twitter. Tom got in, got rich and got out. Some people don’t have it so good. Nice work, Tom. Nice work, indeed.