According to Silicon Alley Insider, the struggling social-networking site Myspace, which News Corp. (NWSA) acquired in 2005 for $580 million, could sell for over $100 million. Several media reports suggest that the sale of Myspace is intensifying. According to The WSJ, bankers at Allen & Co. this week were beginning to schedule meetings with possible buyers. Silicon Alley Insider says that News Corp. digital exec Jack Kennedy is leading the sale for the Rupert Murdoch-run media giant. So far about 20 companies, including some financial firms, have expressed interest in the Myspace deal, the Journal reported, adding it’s possible additional parties could also emerge over the coming weeks.
News Corp. executives said in January they were open to a sale or other transaction with the site, which lost $156 million last quarter, $31 million deeper than the year-earlier loss.