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14 Jan 2011
News Corp has confirmed that it is looking to sell MySpace or spin it off as a separate going concern.
The news was issued this morning by News Corp chief executive Mike Jones, according to Bloomberg, the day after MySpace cut 47 per cent of its workforce.
MySpace will be sold off, or partially funded by News Corp as a spin-off venture with a new partner that could be co-owned by employees.
"News Corp is assessing a number of possibilities, including a sale, a merger and a spinout," said MySpace spokeswoman Rosabel Tao. "The process has just started."
Jack Kennedy, executive vice president of operations at News Corp's digital media group, has been named as the person handling the new company, according to staff.
News Corp paid $580m for MySpace in 2005 when it was the dominant social networking site, but usage peaked shortly afterwards.
The site lost $156m (£98m) last quarter, despite a refocus on entertainment and the brief tenure of Owen Van Natta, who spent 10 months on the job and made a third of the workforce redundant.
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myspace is the best site for new music
why so down on myspace ..its great for new music ...unlike facebook ......come on guys [its the music feature that makes it good ......]
Posted by: nick monaghan 15 Jan 2011