Bids for MySpace expected – report


27 Apr 2011

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News Corp is expecting bids for its beleaguered social networking site MySpace in the coming days, The Wall Street Journal has reported.

Citing people familiar to the matter, the newspaper said about five bids to buy all or part of the LA-based company are expected. According to the source, the bids value the company at more than US$100m.

THL Partners, Redscout Ventures and Criterion Capital, which owns social networking site Bebo, are names that have been thrown around as interested parties.

Reportedly, MySpace co-founder Chris De Wolfe has also had a look at the company’s books to see if it’s worth a bid.

News Corp paid more than $580m for the once-pioneering website in 2005. However, the site was soon overtaken by Mark Zuckerberg’s Facebook.

Last year, MySpace was re-launched as a social entertainment site, focusing on movies, music and celebrities.

Article courtesy of Businessandleadership.com

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