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

Advertisement

Recent Reviews

Linksys WRT1200AC Wi-Fi Router

Once upon a time, a brand-new Linksys router showed up on our doorstep. So we gathered some network-minded friends together, and hooke ...

Rapoo A300 Mini Bluetooth NFC Speaker

The Rapoo Bluetooth Mini NFC Speaker is a little metallic box about the size of a baseball. In spite of its small size, we were very p ...

Neurio Intelligent Home Monitor

The recently released Neurio Intelligent Home Monitor is a piece of hardware that, when integrated into a home's breaker box, monitors ...

Advertisement

toggle

Most Commented

 
toggle

Popular News