News Corporation has revealed that it is looking to merge, sell or spinoff ailing social network MySpace.
The move comes just a day after Myspace announced that it would be laying off around half of its 1,000-strong global workforce.
Rupert Murdoch’s News Corp originally paid $580 million for MySpace back in 2005, but the site has suffered in the wake of the growing popularity of market giant Facebook. In the first quarter of last year, the site recorded a loss of over $100 million.
MySpace CEO Mike Jones today confirmed that News Corp were looking into a number of options for the future of the site, Bloomberg reports.
Jones said that if News Corp decides on a spinoff, it will continue to help fund the platform. He added that employees will also be eligible for shares in the independent company.
MySpace spokesperson Rosabel Tao confirmed the news. “News Corp. is assessing a number of possibilities including a sale, a merger and a spinout,” Tao said. “The process has just started.”