MySpace is for sale

DIGITAL NEWS BITE: Rupert Murdoch’s News Corp has hired investment bank Allen & Co to look into selling its flagging web firm MySpace, and according to Reuters it has been contacted by about 50 interested parties.

News Corps management let it be known they were looking to sell the one time king of the social network domain last month, it having seen its traffic and ad sales slump in recent years. Despite a rebrand and revamp late last year, many still see MySpace as being greatly inferior to other social networking and content sharing services.

It’s thought no actual offers have been made as yet, though the boss of one company which is known to have bid, JNJ Mobile, told the news agency he’d expect to pay anything between $50 million and $200 million.

Posted Thursday February 10 2011 by Chris Cooke

Related categories: Social Media