Myspace owner News Corp seeking more than $100m for the social networking site
News Corp is expected to receive bids from about half a dozen private equity firms and companies for its social networking site Myspace by the end of this week.
According to sources familiar to the matter, News Corp is seeking more than $100m for the Los Angeles-based company, the Wall Street Journal reported.
Private equity firm THL Partners, Redscout Ventures and Criterion are among the names expected to bid for Myspace. Other names include Chinese Internet holding company Tencent and Myspace co-founder Chris De Wolfe.
Myspace, which News Corp bought in 2005 for more than $580m, was relaunched last year as a social entertainment site with a focus on celebrities, music and movies.
The Wall Street Journal reported that music video site Vevo had sought a potential deal with Myspace, but the company’s interest had faded.
Myspace owner News Corp is expected to announce a deal to sell its social networking site around June.