News Corp. on verge of Myspace sale: WSJ

The newspaper, citing a "person familiar with the matter," said there were two leading bidders for Myspace -- the digital ad-targeting firm Specific Media and private equity firm Golden Gate Capital.

The News Corp.-owned Journal said a deal could be announced as early as Wednesday, and would include shedding more than half of Myspace's staff of about 500 people.

The newspaper said the buyer would pay significantly less than the $100 million News Corp. had hoped and the Rupert Murdoch-owned company would retain a small stake in Myspace.

Technology blog All Things Digital, owned by News Corp., said the price for Myspace was in the $20 million to $30 million range.

News Corp. paid $580 million for Myspace in 2005. It was the leading social network at the time but has since been eclipsed by Facebook.