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 the mind can help the body heal itself

Why do some people recover from illness against all odds? Can our beliefs, emotions and consciousness influence the body’s ability to heal? Drawing on over three decades of experience in medicine, research and medical innovation, internationally trained ophthalmologist and author Dr Dinesh Verma ex

1,364 anti-cancer formulations to cost less from today

The National Pharmaceutical Pricing Authority (NPPA), under the Department of Pharmaceuticals, Ministry of Chemicals and Fertilizers, has capped trade margins on the Maximum Retail Price (MRP) of 137 anti-cancer drugs. This was based on the recommendations of an Expert Committee constitute

Who checks the books?

I read about the news about the Coimbatore library over coffee this morning. On the face of it, the headline was about a political ‘war’ between the DMK and TVK. But what stayed with me was something much more important than the blame game behind what had transpired. A writer walking through

Development paradox: Falling poverty miracle and an inequality problem

India’s reduction in poverty over the past decade is a development achievement of considerable significance. The World Bank’s April 2026 ‘India Development Update’ estimates that the share of Indians living below the international extreme-poverty line of $3.00 per person per day i

In Arunachal, a river we call mother

In Arunachal Pradesh, the Siang is not just a river. For many of us, especially the Adi people, it is part of our family. Our grandparents fished in it. Children learned to swim in it. Our farms drink from it. When someone says a huge dam will be built on it, we do not hear the word "project".

A new retelling of the Mahabharata delves into key moments

In a time when every decision carries consequences and questions of ambition, power, loyalty, identity and moral choice continue to shape our lives, Dr. Arun Krishnan’s new book, ‘Mahakshana’ (Penguin India) offers a strikingly relevant retelling of the Mahabharata.  

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter