News Corp puts Myspace on the block

2011-02-03 15:36
New York - News Corp said on Wednesday it was exploring a sale or other "strategic options" for Myspace, the ailing social network which has been eclipsed by Facebook.

"We recognise that the plan to allow Myspace to reach its full potential may be best developed under a new ownership structure and we're evaluating those strategic alternatives," News Corp chief operating officer Chase Carey said.

"With a new content focus and structure in place we believe now is the right time for News Corp to consider strategic options," Carey said in a conference call with financial analysts to discuss News Corp's second quarter earnings.

"It could be a sale. It could be a new investor coming into it. It could be us staying in with a restructuring," said Carey, who put Myspace on notice in November saying the losses at the social network were "unsustainable".

Carey said there was an "early window" on a decision for what to do with Myspace, purchased for $580m in 2005. "It's something you'll see in the first half of the year," he said.

Facebook has grown to more than 500 million members while Myspace's numbers have dwindled. Earlier this month, Myspace announced it was cutting some 500 jobs, nearly half of its staff.
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