Feeds

MySpace sale or spin-off process begins, says report

Head of music shifts to strategic role ahead of buyout

Security for virtualized datacentres

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. ®

Reducing the cost and complexity of web vulnerability management

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
JINGS! Microsoft Bing called Scots indyref RIGHT!
Redmond sporran metrics get one in the ten ring
Driving with an Apple Watch could land you with a £100 FINE
Bad news for tech-addicted fanbois behind the wheel
Murdoch to Europe: Inflict MORE PAIN on Google, please
'Platform for piracy' must be punished, or it'll kill us in FIVE YEARS
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Found inside ISIS terror chap's laptop: CELINE DION tunes
REPORT: Stash of terrorist material found in Syria Dell box
Sony says year's losses will be FOUR TIMES DEEPER than thought
Losses of more than $2 BILLION loom over troubled Japanese corp
Show us your Five-Eyes SECRETS says Privacy International
Refusal to disclose GCHQ canteen menus and prices triggers Euro Human Rights Court action
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
Saudi Petroleum chooses Tegile storage solution
A storage solution that addresses company growth and performance for business-critical applications of caseware archive and search along with other key operational systems.
Protecting users from Firesheep and other Sidejacking attacks with SSL
Discussing the vulnerabilities inherent in Wi-Fi networks, and how using TLS/SSL for your entire site will assure security.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.