News Corp. to Decide on MySpace in Two Weeks
“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.
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