That's what happens when you sell your company - something MySpace founders Tom Anderson and Chris DeWolfe are discovering, now that their Web site phenomenon called MySpace is owned by Rupert Murdoch's News Corp., through the company's Fox Interactive Media unit. Take the matter of location. As explained in the current issue of Fortune, Anderson and DeWolfe were comfortable in the laid back confines of Santa Monica - a block from the beach - but Fox Interactive had new offices in Beverly Hills. Very un-MySpace.

Over drinks at Casa del Mar, a hotel in Santa Monica, Anderson laid out his objections to [News Corp. President Peter] Chernin, arguing that the move would wreck the laid-back MySpace culture. "What I like about Tom is that he's so straightforward," says Chernin. "If something's bothering him, he comes right at you." Chernin listened and said he'd call in a couple of days with his decision.

Guess where that went.

"I'm a little lost," says DeWolfe. We are winding through MySpace's spanking-new headquarters in TheirSpace - the second floor of Fox Interactive's sleek gray granite office building on Maple Drive in tidy Beverly Hills. A maze of gray cubicles and red walls, the MySpace space even smells new.

Compared to mellow Santa Monica, this is, well, different. There are, for example, no good lunch spots nearby, unless you walk five blocks to the Four Seasons Hotel. Not exactly a MySpace hangout. So until the Fox cafeteria opens in September, MySpace provides free boxed meals - breakfast, lunch, and dinner - to all 300 employees.

Do they hate the place? No, insists DeWolfe, but he says, "We've gotten a dose of reality. We don't own the site anymore."

Anderson is more candid: "Before, I could do whatever I wanted. Now it takes more time to get people to agree on things. All the budget reviews and processes. That can be a pain. But it's not stopping us."

The upside, of course, is the sugar-daddy factor: that deep-pocketed parent to back your best ideas. Of the 20 new products in development, DeWolfe is particularly excited about VoIP, the 11 new international sites, and MySpace News. Several e-commerce deals - including a likely partnership with eBay (Charts) or Amazon (Charts) - are in the works, as is a MySpace Sports site and MySpace Fashion.

"They weren't too keen on the deal," Murdoch told the magazine. "They could get more money later, if they waited to sell. And they had a reluctance about being corporatized." But he vowed, "We're not going to tell you how to run the site," and DeWolfe became convinced.