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Blizzard CEO Could Make A Large Investment In MySpace

Once the dominant site in the world of social networking, MySpace may soon have a new owner, a report suggests.

It is believed that an investor group which includes Activision Blizzard’s chief executive officer Bobby Kotick, is currently in the final stages of negotiations with MySpace officials.

A (opens in new tab) report published by Reuters (opens in new tab), which cited three unnamed individuals with knowledge of the proceedings, Kotick might be representing the investment fund which intends to take a controlling stake in MySpace.

However, one of the sources also said that Kotick was approached by the investor group, but he has yet to make a full commitment to investing in MySpace. The other two sources added that even if he gets involved in the process, it is expected that his stake will be fairly limited.

But adding another twist to the already complicated scenario, one of the sources also revealed that there are other groups who are currently in a race to take control of the site. But of course, the Kotick group is currently the favorite to win the race.

If the claims made by these sources are to be believed, News Corp. the current owner of MySpace, will retain 20 percent of its shares after the deal is made.