Brothers Chris and Tim Vanderhook, whose company acquired the social media platform for $35 million in 2011, have revealed plans to relaunch it. The brothers confirmed the move in the new documentary Myspace, which explores the meteoric rise and sudden fall of the pioneering social network. 'We still own Myspace,' Tim said in the documentary, according to People. 'We are stewards of the Myspace brand at this point, and we are going to relaunch Myspace. Launched by Tom Anderson and Chris DeWolfe in 2003, Myspace became the world's largest social network before Facebook overtook it in 2008.