MySpace sale or spin-off process begins, says report
Head of music shifts to strategic role ahead of buyout
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MySpace talks are reportedly set to take place between News Corp and around 20 potential suitors next month, as the struggling entertainment portal's parent company looks to sell or spin-off the business it acquired in 2005 for $580m.
According to Reuters, which cites a person familiar with the discussions, News Corp expects to hear from more parties over the next few weeks.
The Rupert Murdoch-run media empire will begin talks alongside Investment bank Allen & Co in the second week of March.
It's understood that most of the interest in the once-popular, but now seriously waning social networking site will come from private equity and venture capital outfits.
Reuters added that the likes of mobile social network MocoSpace and gaming site Zynga could also throw their hats in the ring. However, Zynga hasn't approached News Corp yet, according to Reuters' source.
Little-known MocoSpace, meanwhile, spun out an opportunistic press release earlier this month saying it was interested in buying MySpace, even though News Corp confirmed at the time that no such approach had been made yet.
In the meantime, MySpace continues to bleed out users – as they quit the now unloved site in favour of other social network portals.
Earlier this month, MySpace said in its Q2 earnings that it was officially seeking a buyer to offload the failing site, admitting for the first time publicly that it was in the market for a new owner.
At the start of the year it axed 50 per cent of its workforce, leaving just 500 staff at MySpace.
Elsewhere in the company, music boss Courtney Holt quit his role at the ailing portal in favour of being a key advisor to MySpace and News Corp. Paid Content has the deets here. Perhaps it's a move that signals Murdoch's desire to keep Holt on his books, even after the buyout or spin-off of MySpace.
Who knows, it could even mean News Corp is mulling a new entertainment portal. However, if true, it might want to reflect on the mistakes of the not-too-distant past first. ®
COMMENTS
News Corp, MySpace, and Their Representatives
Open Letter To News Corp:
Dear Rupert, Chase, and Jonathan,
Bet you never thought your mistakes, as well as the way they lie to people, would ever become public did you?
I would assume it is hard to dispute the facts when there are correspondences and audio recordings of all communications that support said representations as it relates to the conduct and activities by, or on the behalf of, News Corp, MySpace, and/or its representatives.
If Chase, Jonathan, or Rupert would personally and on behalf of News Corp and MySpace provide authorization and permission to release all correspondences and recorded telephone conversations related to this matter. We would be willing to accommodate that request by providing them to you and several media outlets, including Fox News, all related materials so that a “fair and balanced” determination could be made as to how News Corp does business.
This shall also allow outside individuals, parties, and the pubic to determine how badly Carey and Miller, through their activities and conduct, destroyed MySpace and drove it from a success to a complete failure.
As a result of their unwillingness further discuss and initiate a process that would have generated the stated revenues and results as referenced due to their egos and greed obstructing their ability to apply common sense and to utilize their brain matter. They have effectively destroyed MySpace and drove its value down more than any other decisions associated with the decline and eventual failure of MySpace.
We shall see if Carey, Miller, or Murdoch is willing to let the public in on the truth, and provide authorization so that the referenced material may be released, as well as all related documentation in support of the representations that have been made as it relates to this matter.
Here are the facts, Carey and Miller were given the opportunity to change the direction of MySpace last year with a proposal that would increase net profits of MySpace to 1.5 billion dollars by the third year.
Based on our experience with News Corp, Carey, and Miller no one should trust any of them.
They wanted us to disclose the plan to them without any written agreement in place. When that was refused, there were no further discussions.
I would venture to guess anyone they claim to be offering more than 10 million dollars for MySpace would be another one of their lies.
It is believed that the damage that Carey and Miller have done to MySpace has brought the value of MySpace down to nothing.
Anyone willing to pay the 50 to 200 million dollars MySpace alleges would mean one of two things. EITHER THEY LIED TO MYSPACE ABOUT WHAT THEY WERE WILLING TO PAY,,,,
OR MORE LIKELY IS NEWS CORP, CAREY, AND MILLER ARE LYING LIKE THEY ALWAYS DO IN AN EFFORT TO DRIVE THE PRICE UP.
TIME WILL TELL!!!
MySpace Survival 2011 and the Future
Someone out there on routers said it needs to be linked to facebook.
Bzzzzzzzt Wrong. Facebook is a personal information sucker, such information will bite you in the ass in the future, So REALLY IT'S NOT FREE.
if your not a public figure you shouldn't even be there. Personally I block *it* out of all the free websites. But cryptome has a nice list of every other big ISP spy dox.
Here's what myspace is.
LIT with bands who have no webhosting or domain.
LIT with bands who have webhosting and domains. (less than the above)
(okay okay there's others, comedians, painters, book ppl, and tv shows like mine)
It has the band's CONTENT, with blessing (we won't attack copyright), e.g. spread it, so ppl buy our cd's, dvd's, albums and swag. That's real economy. Better support it!!!
MySpace needs to make love to the record companies.
The record companies need to make love to MySpace. (both could teach)
At the same time, MySpace needs to solve this freaking HTML version 666 problem. Here's my take.
There's HTML, HTML 4, HTML 5, XHTML, XHTML 1, XHTML 2, and MySpace 666
Bands need to be able to make their website kick butt, and not <a href="http://www.myspace.com/centurymedia">have to be a flash genius to survive.</a>
Not sure how they will move forward, but the captcha (spam fight) was a clusterfuck of nonsense for the real users (like myself.) It still is if you don't have a wireless device.
If the monetary system is to crash, the new economy (let's say you survive) , will be based on value, and if the value of the way the information is presented isn't LIT then your fscked.
that's my opinion
or simply close it and call it a day.
... the only time somebody invited me to check their myspace account in the last 12 months was when a sales agent emailed an invite to go check their new units (houses) on sale online. Myspace has lost its relevance.
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