News Corp. Starts Process to Decide Future of MySpace Social Network Site
“We’re trying to strategically figure out what to do with MySpace,” Miller said at a media conference in Abu Dhabi.
News Corp., which paid $580 million for MySpace in 2005, may end up selling the Beverly Hills, California-based company, for $50 million to $200 million, according to MocoSpace, a potential acquirer. News Corp. has agreed to talks about a possible sale, MocoSpace said in February.
Rupert Murdoch’s News Corp. is considering options for MySpace after it was surpassed by social-networking rival Facebook Inc. in users. In January, MySpace said it would cut about 500 jobs, or 47 percent of its workers, as part of a broad restructuring.
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