News Corp. will make a decision about the potential sale of its MySpace social network in two weeks, said Jonathan Miller, head of the company’s digital media group.
“In two weeks, we’ll know something,” said Miller in an interview after speaking at the All Things D Conference in Rancho Palos Verdes, California.
News Corp. has said it is searching for a way to respond to MySpace’s loss in market share to Facebook Inc. The media company hired the New York-based investment bank Allen & Co. to evaluate offers for MySpace, with a goal of concluding a deal before the fiscal year ends in June, people with knowledge of the situation said in March.
The News Corp. business group that includes MySpace had an operating loss of $165 million in the third quarter ending in March, compared with a $150 million loss a year earlier.
News Corp., based in New York and controlled by Chairman and Chief Executive Officer Rupert Murdoch, fell 69 cents to $17.65 at 4 p.m. New York time in Nasdaq Stock Market trading.