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Recent lay-offs at MySpace were costly for its disgruntled parent News Corp, which said in its Q2 earnings that it was officially seeking a buyer to offload the failing social network entertainment portal.

The company swallowed a $275m charge in its latest quarterly results, and admitted for the first time publicly that it was in the market for a new owner.

News Corp's COO Chase Carey said MySpace's financial performance had been "below expectations", and told The Financial Times (behind paywall) and other reporters on a conference call that the site "may be better developed under a new ownership structure".

Previously, the media giant has said that MySpace "has been a problem" for News Corp. Now it's explicitly wooing would-be suitors to take the site off its hands.

Last month MySpace management said it was considering selling the ailing website, following the firm’s decision to lay off half of its 1,000-strong workforce.

Ultimately the decision to let go comes as little surprise, given the number of job cuts undertaken at the California-based firm, which came just a few months after MySpace relaunched as an entertainment portal in October last year. ®

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