MySpace Crawls Toward A Sale
By all accounts News Corp wants to unload MySpace before it's fiscal year ends on June 30th and yesterday was reportedly the deadline for yet another round of bids. The media giant thought they could grab $100 millions for the social network; and so far, that hasn't been easy.
NewsCorp isn't happy with the offers they've received, some of which included more debt and equity than cash. In return, bidders asked for and received detailed traffic and financial information. Now armed with that data, they can revise and attempt to justify the size and terms of their offers.
Companies interested in MySpace include: Providence Equity, hedge fund Criterion Capital, VC Redscout Ventures in a partnership with private equity firm THL Partners, Chinese gaming company Tencent Holdings and Gores Group. MySpace CEO Michael Jones along with a group of unnamed partners is also reportedly still in the running, as well.