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News Corp Set To Sell Myspace

News Corporation has started the process to explore the sale or spin-off of its social entertainment site, Myspace.

News Corporation has started the process to explore the sale or spin-off of its social entertainment site, Myspace, The Wall Street Journal reports. The company’s executives and bankers from Allen & Company have begun talks with private equity and venture capital firms about deals.

The media conglomerate has got early interest from around 20 parties so far and expects to receive more inquiries. The company can also merge Myspace with another site, possibly gaming or social networking, in exchange for cash and equity in the combined company. Mobile social networking site, MocoSpace, may also be interested in Myspace, adds Reuters.

Click here for the story from The Wall Street Journal.

Click here for additional coverage from Reuters.

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