WSJ.com - Microsoft Sets Up a Venture To Rival Social-Network Sites: "Microsoft Corp. has formed a new social-networking venture based on technology created at the software company, the first spinoff under an intellectual-property program begun last May.
The new company, dubbed Wallop Inc., is being jointly funded by Microsoft and Bay Partners, a venture-capital firm. Wallop is developing a Web site that would compete with social-networking sites like MySpace, owned by News Corp.'s Fox Interactive Media unit; Facebook Inc., a Palo Alto, Calif., start-up; and Friendster Inc., a San Francisco company that was one of the first with a service to help people meet each other."
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