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April 27, 2011

News Corp. Prepping MySpace For Sale

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MySpace LogoNews Corp. is currently prepping one-time internet social media darling MySpace for sale and various venture capital firms and other privately held companies are expected to place bids for the entertainment hub.

The website, purchased by News Corp. in 2005 for $580 million has been prepping for sale since the company spoke with shareholders during their February earnings call.

According to Mashable:

The company “recorded a $275 million pre-tax charge for the impairment of goodwill related to the Digital Media Group and an organizational restructuring at MySpace.”

The Wall Street Journal (also owned by News Corp.) is predicting that the site will fetch somewhere in the vicinity of $100 million with several frontrunners vying for the site including Redscout Ventures, Thomas H. Lee Partners and Criterion Capital Partners LLC. Criterion you may recall also owns social network Bebo. read more

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