News Corp kicks off Myspace sale process

MySpace logoNews Corp has kicked off the process to explore the sale or spin-off of its troubled social entertainment site, Myspace, a person familiar with the talks said on Thursday.

The media conglomerate has received early interest from around 20 parties so far and expects to receive more inquiries as the process develops in coming weeks.

Reuters reported earlier this month that News Corp had tapped boutique investment bank Allen & Co to aid with the process.

News Corp executives and bankers from Allen & Co will start talking to interested parties in the second week of March the person said.

Most of the buyout or spin-off interest is expected to come from financial parties such as private equity and venture capital. But possible strategic interest could come from parties such as mobile social networking site MocoSpace and gaming site Zynga. The person said Zynga is currently not in talks with News Corp about Myspace. MocoSpace said earlier this month it was interested in buying Myspace.

News Corp acquired Myspace in 2005 for $580 million after News Corp Chief Executive Rupert Murdoch famously swooped in to beat rivals such as MTV owner Viacom Inc in the bidding. But since then, the loss-making website has become increasingly irrelevant as a social network for many users who have migrated to Facebook.

Tags: MySpace

Add comment

Your name:
Sign in with:
Your comment:

Enter code:

E-mail (not required)
E-mail will not be disclosed to the third party

Last news

A mobile hotspot in Australia will be capable of hitting gigabit speeds on the go
A new game could be in the works as Blizzard appears to have been hiring for a Diablo-related project
Nokia CEO Rajeev Suri will speak at MWC 2017
However what if you could go way, way back?
The Helio P15 packs an octa-core Cortex-A53 processor clocked at 2.2GHz
Samsung claims up to 27-percent higher performance or 40-percent lower power
Preliminary data for October shows another Windows 10 boom
Samsung Galaxy TabPro S - a tablet with the Windows-keyboard
The first Windows-tablet with the 12-inch display Super AMOLED
June 7, 2016 /
Keyboards for iOS
Ten iOS keyboards review
July 18, 2015 /
Samsung E1200 Mobile Phone Review
A cheap phone with a good screen
March 8, 2015 / 4
Creative Sound Blaster Z sound card review
Good sound for those who are not satisfied with the onboard solution
September 25, 2014 / 2
Samsung Galaxy Gear: Smartwatch at High Price
The first smartwatch from Samsung - almost a smartphone with a small body
December 19, 2013 /
HP Slate 7 is a 7-inch Android 4 Tablet PC with good sound
A cost-effective, 7-inch tablet PC from a renowned manufacturer
October 25, 2013 / 4

News Archive



Do you use microSD card with your phone?
or leave your own version in comments