Feeds

MySpace sale or spin-off process begins, says report

Head of music shifts to strategic role ahead of buyout

Gartner critical capabilities for enterprise endpoint backup

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. ®

Boost IT visibility and business value

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Caught red-handed: UK cops, PCSOs, specials behaving badly… on social media
No Mr Fuzz, don't ask a crime victim to be your pal on Facebook
Barnes & Noble: Swallow a Samsung Nook tablet, please ... pretty please
Novelslab finally on sale with ($199 - $20) price tag
Ballmer leaves Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
Banking apps: Handy, can grab all your money... and RIDDLED with coding flaws
Yep, that one place you'd hoped you wouldn't find 'em
Video of US journalist 'beheading' pulled from social media
Yanked footage featured British-accented attacker and US journo James Foley
Call of Duty daddy considers launching own movie studio
Activision Blizzard might like quality control of a CoD film
Primetime precrime? Minority Report TV series 'being developed'
I have to know. I have to find out what happened to my life
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Endpoint data privacy in the cloud is easier than you think
Innovations in encryption and storage resolve issues of data privacy and key requirements for companies to look for in a solution.
Scale data protection with your virtual environment
To scale at the rate of virtualization growth, data protection solutions need to adopt new capabilities and simplify current features.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?