Tagged Acquires Facebook Competitor hi5

Hi5, once one of the top three global social networks, was acquired by San Francisco-based Tagged on Wednesday, as some of the remnants of the social network space clear out in the wake of Facebook’s overwhelming dominance.

Back in 2008, hi5 trailed in popularity only behind MySpace and Facebook. In June, News Corp., which owns The Wall Street Journal, sold MySpace for just $35 million, a major comedown for a company that was purchased for $580 million.

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Along with original content and posts from across the Dow Jones network, this section of AllThingsD includes Must-Reads From Other Web Sites — pieces we’ve read, discussions we’ve followed, stuff we like. Six posts from external sites are included here each weekday, but we only run the headlines. We link to the original sites for the rest. These posts are explicitly labeled, so it’s clear that the content comes from other Web sites, and for clarity’s sake, all outside posts run against a pink background.

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