Time Says Myspace Breached By Hackers, User Information Stolen

Shares of Time Inc. (TIME) are in focus this morning after the media company confirmed that user data from Myspace was stolen by hackers.

BREACH: In a statement this morning, Time confirmed that user login data from its MySpace social networking website was being made available in an online hacker forum. The company said that it was aware that the compromised data, a "portion" of MySpace usernames, passwords and email addresses from the platform prior to 2013, had been stolen shortly before the Memorial Day weekend, according to the statement. Time said Myspace has invalidated the passwords and is in the process of notifying all affected users, as well as working with law enforcement to resolve the issue. "We take the security and privacy of customer data and information extremely seriously -- especially in an age when malicious hackers are increasingly sophisticated and breaches across all industries have become all too common," Time Inc Chief Financial Officer Jeff Bairstow said. The breach does not affect any of Time Inc's systems, subscriber information or any other media properties and doesn't seem to include any financial data, Time said.

WHAT'S NOTABLE: In February, Time Inc acquired Viant Technology, which owns Myspace. In its last earnings report, Time Chairman and Chief Executive Officer Joe Ripp called the deal "game-changing for us," adding that "Marketers are selecting media partners that have either data-driven capabilities or premium content; we will be able to deliver both in a single platform, and will stand apart from those that offer just one or the other."

PRICE ACTION: Time Inc. is up 0.5% to $15.47 in early trading.

Disclosure: None.

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