October 24, 2007 / 10:59 PM / 10 years ago

Google says MySpace deal ahead of plans

<p>Google chairman and CEO Eric Schmidt attends a news conference in Paris June 19, 2007. Schmidt said on Wednesday his company's multiyear deal with online social network leader MySpace is performing better than originally planned. REUTERS/Philippe Wojazer</p>

MOUNTAIN VIEW, California (Reuters) - Google Inc Chief Executive Eric Schmidt said on Wednesday his company’s multiyear deal with online social network leader MySpace is performing better than originally planned.

“The MySpace deal is ahead of our plans,” Schmidt told reporters following a news conference at the company’s analyst day meeting with Wall Street investors.

“The MySpace deal is looking like it is going very, very well for us,” he said.

He declined to comment on details of the deal, and whether the arrangement to provide advertising alongside tens of millions of MySpace member profiles had turned profitable for Google yet.

The Google executive spoke after the company lost out to rival Microsoft Corp in a battle to invest in socializing Web site Facebook. Microsoft agreed to pay $240 million for a stake of about 1.6 percent and expand a deal to sell advertising.

Separately, Schmidt said the company has no plans to split the high-priced stock, which is now trading just off record levels of $675.82. He added there have been no discussions about a split in the future, reiterating the company’s long-standing position.

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