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MySpace Might be for Sale

In a recent interview with Reuters, COO of News. Corp Chase Carey revealed that his company is open to selling MySpace. Carrey called the recent revamp of the once-mighty social networking site into a “social entertainment” portal a success. “My__”, as the site is now known, is thus a more marketable online property more likely to attract merger and outright purchase bids.

While Carey insists that the site is now in a position to turn itself around, he remained on a recovery timetable. He does expect the new version of the site to become profitable sooner than later: “I’m not going to break down (the number of) quarters. It's not years ... We need to deal with this with urgency.”

The “old” MySpace was originally acquired by News. Corp for $580 million back in 2005. While a 2006 three-year advertising deal with Google worth $900 million allowed Rupert Murdoch’s media conglomerate to recover its investment, the site steadily lost ground in the social networking industry to competitors like Facebook and Twitter.

According to Salon, MySpace “reportedly directly caused a $156 million operating slump in News Corps' digital media sector last quarter.”

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