Feeds

MySpace sale or spin-off process begins, says report

Head of music shifts to strategic role ahead of buyout

The essential guide to IT transformation

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. ®

Gartner critical capabilities for enterprise endpoint backup

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
Mozilla's 'Tiles' ads debut in new Firefox nightlies
You can try turning them off and on again
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Barnes & Noble: Swallow a Samsung Nook tablet, please ... pretty please
Novelslab finally on sale with ($199 - $20) price tag
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
TROLL SLAYER Google grabs $1.3 MEEELLION in patent counter-suit
Chocolate Factory hits back at firm for suing customers
Primetime precrime? Minority Report TV series 'being developed'
I have to know. I have to find out what happened to my life
Netflix swallows yet another bitter pill, inks peering deal with TWC
Net neutrality crusader once again pays up for priority access
prev story

Whitepapers

Top 10 endpoint backup mistakes
Avoid the ten endpoint backup mistakes to ensure that your critical corporate data is protected and end user productivity is improved.
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.
Backing up distributed data
Eliminating the redundant use of bandwidth and storage capacity and application consolidation in the modern data center.
The essential guide to IT transformation
ServiceNow discusses three IT transformations that can help CIOs automate IT services to transform IT and the enterprise
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.