Printed from http://www.electronista.com

News Corp ramps up efforts to sell MySpace

updated 08:35 pm EST, Thu February 24, 2011

Media giant to meet with prospective buyers

News Corp. has reportedly ramped up efforts to divest its MySpace assets, unnamed sources have told the Wall Street Journal. Investment bank Allen & Company is said to be scheduling meetings with prospective buyers on behalf of the company, while providing the first in-depth looks at MySpace's financial information.

The latest owners of the social networking site have yet to bring the asset back to profitability, as losses in the segment ballooned by a factor of five to reach $156 million for the last quarter in 2010. Nearly half of the staff were cut in January, following a significant redesign of the website.

COO Chase Carey recently highlighted "encouraging metrics," though he admitted that a true turnaround might be best left to a new owner.

The latest information suggests approximately 20 companies are considering the purchase, with meetings scheduled in early to mid March.



By Electronista Staff
Post tools:

TAGS :

toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

toggle

Most Popular

Sponsor

Recent Reviews

Samsung Galaxy S 5

The Samsung Galaxy S5 might be the phone that Android users have been craving for some time. Information coming out of Mobile World Co ...

STM Trust technology bag

The search for a good messenger bag that doubles as a laptop bag is something many travelers find themselves facing at least once. Bet ...

PenClic Bluetooth mouse

Windows 8 aside, computer users have been trained that a mouse is the proper way to navigate through the desktop for many years now. T ...

Sponsor

toggle

Most Commented

 
toggle

Popular News