News Corp seeking USD 100 million for Myspace: WSJ

News Corp is seeking over USD 100 million for Myspace and about half a dozen private equity firms and companies are expected to submit bids by the end of this week

AFP | April 27, 2011



News Corp is seeking over USD 100 million for Myspace and about half a dozen private equity firms and companies are expected to submit bids by the end of this week, The Wall Street Journal has reported.

The newspaper, citing "people familiar with the matter," yesterday said the companies considering making an offer for Myspace include private equity firm Thomas H Lee Partners, Redscout Ventures and Criterion Capital Partners, owner of the Bebo social network.

The Journal said News Corp. has also had talks with a Chinese Internet company about a potential deal for the ailing social network.

It said online music video site Vevo had looked at a potential deal with Myspace, but the company's interest had waned.

The News Corp.-owned newspaper said News Corp. is seeking bids of no less than 100 million for Myspace, which it bought in 2005 for 580 million.

The Journal said News Corp. expects to be able to announce a Myspace deal around June.

Facebook has grown to more than 500 million members while Myspace's numbers have dwindled. Earlier this year, MySpace cut some 500 jobs, nearly half its staff.

News Corp does not break out results for Myspace in its earnings but the "other" segment which includes the social network reported a second quarter operating loss of USD 156 million, USD 31 million wider than a year ago.
 

Comments

 

Other News

How Rafi, Raj Kapoor helped pave the way for a great uranium deal

There`s a certain moment in diplomacy that`s too personal to be captured in a communiqué, too small to make the front page, but more revealing than the front page. This week, prime minister Narendra Modi reached Tashkent and, amid the pomp of state visits, managed to evoke the old Bollywood tunes

Distinguishing Fish 1 and Fish 2: The pragmatism behind India’s WTO ratification

 India became the 123rd WTO member to ratify the multilateral Agreement on Fisheries subsidies (AoFS) when it deposited the Instrument of Acceptance for Phase 1 on July 20, 2026. The ratification is restricted to disciplining Illegal, Unreported and Unregulated fishing (IUU), protection for overfished

The 7% growth problem: Why the next 7% will be harder

India has become accustomed to hearing the 7% growth number. It is now less a milestone than an expectation. Yet the paradox is becoming clearer: maintaining 7% growth may be considerably harder than achieving it once. India’s real GDP grew 7.7% in FY2025–26, following growth of 6.5% in FY202

The Constitution cannot be altered: Justice Abhay Oka

Justice Abhay Oka, who retired from the Supreme Court in May 2025, has said that the Constitution of India cannot be altered. Explaining the landmark Kesavananda Bharati judgment (1973) on the basic structure of the Constitution, he said, “This is one judgment that has saved democracy in India.&rdq

How the flora and fauna evolved in the Indian subcontinent

Mammals of India  By A.J.T. Johnsingh and P.O. Nameer HarperCollins India in association with Bombay Natural History Society  

India`s renewable race is moving beyond megawatts

When Shell bought Sprng Energy in 2022, India`s renewable energy market appeared to offer precisely what global energy majors were seeking: scale, growth and a place in one of the world`s largest energy transitions. Four years later, Shell is selling the same business to Aditya Birla Group for an enterpris

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter