06/24/2008 05:12 am ET | Updated May 25, 2011

MySpace Redesign To Focus On Making So Much Money

When the News Corporation added MySpace to its portfolio nearly three years ago, it expected that if its base of 16 million users kept growing -- and each user kept adding friends, sharing photos and swapping flirty messages -- the advertising dollars would roll in.

The social networking site has grown -- to 118 million worldwide users -- and the flirtations have not stopped. But the cash is not coming in as quickly as the company had hoped.

With an eye toward monetization, MySpace is being redesigned beginning Wednesday with a new home page, which will be less cluttered and more hospitable to advertising. (The home page will also feature a "splash page" for an ad about the new Batman movie, "The Dark Knight.") The redesign, to be done by early fall, will include a new navigation bar, search tool and video player.

Read more on The New York Times