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News Corp Could Sell MySpace As Early As Today

There are rumours that News Corp. is finally closing a deal to sell the once dominant, now troubled social networking site MySpace.

The deal, which is expected to be finalised pretty soon, may see Specific Media taking over MySpace, according to a (opens in new tab) Bloomberg (opens in new tab)report.

Apparently, the Bloomberg report was citing “a person with knowledge of the process”. Though Specific Media has emerged as the next potential owner of the social media platform in various media reports, according to the Bloomberg source, News Corp. is still keeping its options open and negotiating with other interested parties.

However, the Bloomberg report also claims that a transaction may be finalised and announced later today.

The final deal is likely to involve both stocks and cash. News Corp has said in the past that it would not sell for less than $100 million, only a fraction of what it originally paid for MySpace.

News Corp. purchased MySpace 6 years ago for $580 million when the site was already losing people to Facebook in droves, and failed to turn the site around. Attempting to re-frame the site has music and entertainment based so as not to compete with Facebook directly has also failed to bring back its old popularity.