News Corp Set To Loose $500M To Unload MySpce
News Corp is seeking a minimum of $100 million dollars for MySpace and has set a bid deadline of this week, according to sources. News Corp paid more than $580 million for MySpace in 2005 and invested more in the years that followed. Despite falling user numbers and the rise of Facebook, several suitors are set to make offers.
Among the names showing interest in MySpace include private equity firm THL Partners, Redscout Ventures, Criterion Capital (owner of social networking site Bebo), Chinese Internet holding company Tencent and Myspace co-founder Chris De Wolfe.