News Corp Reportedly Looking To Sell MySpace

News Corp. has begun entertaining bids for the MySpace social networking platform, which has succumbed to the dominance of Facebook.

The bids are expected to start coming in soon; the company is asking for a minimum price of $100 million, according to a new Wall Street Journal report.

The report cites several unnamed sources who say they have direct knowledge of on-going developments. It also stated that at least half a dozen equity firms, along with two internet companies have already expressed their desire to bring this once hugely popular social networking site under their umbrella.

News Corp. had previously stated that it was pondering upon the pros and cons of selling MySpace after rumors flooded the market about its dissatisfaction with the site's poor performance.

News Corp. acquired the website in 2005 when it was a pioneer in the then emerging social networking trend. A few years later MySpace became something of an also ran to the far more popular Facebook.

To cope with the increasingly deteriorating situation, MySpace was forced to go through a massive makeover with the new, renovated form focusing primarily on pop-culture and media sharing.

News Corp. officials declined to respond to these rumors.