Investor group front-runner for control of Myspace.com

Reports in media opine that negotiations are now focused on a group that would take over the social media site, but leave News Corp with about a 20 per cent stake

PTI | June 13, 2011



An investor group including Activision Blizzard CEO Bobby Kotick has emerged as a front-runner in negotiations with News Corp to take control of the media firm's social media site, Myspace, says a media report.

"An investor group has emerged as a front-runner in negotiations with News Corp to take control of Myspace... as the media company rushes to complete a transaction by June 30 -- the end of its fiscal year," The Wall Street Journal reported, citing a source.

The report said that Kotick had been approached about being part of the investor group, but has not yet committed.

Any investment by him would be personal and small, and Activision wouldn't be involved, it added.

While News Corp continues to talk to several potential bidders, negotiations are now focused on a group that would take over the social media site, but leave News Corp with about a 20 per cent stake, the report noted.

Since News Corp started accepting bids for the struggling social-media site around April, a number of private equity firms and other Internet start-ups have expressed interest.

Increasingly, News Corp has focused on deals in which it would retain an ownership stake in the business and hand over operational control.

According to the publication, some other suitors who have remained interested in recent weeks include private equity firm Criterion Capital Partners LLC and social networks Tagged Inc and myYearbook, the report pointed out.

After Friendster, Myspace was the most social networking space in the US between 2005 and 2007, but it soon lost out to Facebook.

Comments

 

Other News

Consumer Justice at a Crossroads

Over the past four decades, India`s consumer protection landscape has undergone a remarkable transformation. What began with the Consumer Protection Act, 1986 as a simple mechanism to empower ordinary citizens has evolved into a comprehensive framework capable of addressing challenges ranging from mislea

Doctors, experts call for ban on junk food ads, mandate warning labels

More than 30 doctors, medical scientists and public health professionals have urged the government to take decisive action against the aggressive advertising and marketing of junk food, calling for a watershed ban on advertisements for foods high in fat, sugar and salt (HFSS) and ultra-processed foods (UPF

Asiatic Lion population rises from 523 in 2015 to 891 in 2025

On World Lion Day 2026, environment, forest and climate change Minister  Bhupender Yadav celebrated India’s remarkable journey in lion conservation and reaffirmed the country’s unwavering commitment to protecting wildlife and biodiversity.   In a post on soc

Railways imposed ₹5.13 crore fine for food quality and hygiene violations

Indian Railways serve about 58 crore meals every year on an average. About only 0.0008% food quality related complaints are received on average. Based on complaints during the last three years, appropriate penal actions have been taken by IRCTC. Such actions include imposition of fines amounting to ₹5.13

STHAVAR: Why every Indian built asset needs a permanent digital identity

India has built digital systems for identity, payments, taxation, documents, logistics and public services. State governments, ministries, infrastructure agencies and urban local bodies have also created portals for land records, building permissions, project monitoring, property taxation and municipal s

Saksham Skill census identifies 22,000 job-ready candidates in one Mumbai ward

A first-of-its-kind AI-enabled skill census conducted in Mumbai`s H-West Ward has identified a potential livelihood pipeline of nearly 22,000 candidates, generated over 32,000 provisional job matches while revealing that 71.2 per cent of surveyed homemakers are willing to join the workforce, according to

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter