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News Corp. puts Myspace on the block

Breitbart.com 02/02/2011 11:49
News Corp. puts Myspace on the block - Business - Technology - MySpace - NEWS Corp


News Corp. put ailing social network Myspace up for sale on Wednesday. "We recognize that the plan to allow Myspace to reach its full potential may be best developed under a new ownership structure and we're evaluating those strategic alternatives," News Corp. chief operating officer Chase Carey said.



"With a new content focus and structure in place we believe now is the right time for News Corp. to consider strategic options (for Myspace)," Carey said in a conference call with financial analysts.

News Corp. bought Myspace for 580 million dollars in 2005 but it has been overtaken in recent years by Facebook, which has grown to more than 500 million members while Myspace's numbers have dwindled.

Earlier this month, Myspace announced it was cutting some 500 jobs, nearly half its staff.

In November, Carey put Myspace on notice saying the losses at the social network were "unsustainable."



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