MySpace founders Chris DeWolfe and Tom Anderson have reportedly made a hefty request with their compensation proposal to Rupert Murdoch, owner of MySpace’s parent company News Corp.

Their contract is up in October, and they’ve asked Peter Chernin and Murdoch for a two-year deal at $50 million, which breaks down to $12.5 million a piece, per year. In addition, DeWolfe and Anderson are requesting a development fund with $15 million in order to invest in Internet companies. The salary request is rather bold considering the positions of DeWolfe and Anderson, especially in relation to most CEOs of fortune 500 companies, and MySpace’s own position within the News Corp. umbrella. Granting their wishes would upset a lot of people, both inside and outside News Corp., regardless of MySpace’s dominance in the social networking sphere.

This sounds like the MySpace founders are trying to accumulate as much cash as they can during the peak of MySpace, to some extent. Between the acquisition of InterMix onto NewsCorp, perhaps DeWolfe and Anderson may be looking to gain more money considering the amount they received after selling MySpace in the first place. Where does this leave DeWolfe and Anderson? Murdoch has reportedly countered their request with an offer $15 million each over two years, which is far less than their initial request, but far more than most executives within News Corp. Perhaps the MySpace founders should take Murdoch’s deal; who else will offer them that much?

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