News Corp will begin accepting bids for the troubled social networking site MySpace this week, the Wall Street Journal has reported.
However, the report claims that News Corp will be accepting bids around $US100 million – well under the reported $US580 million News Corp paid back in 2005 for the site.
The report claims a number of private equity firms including Thomas H Lee Partners, Redscout Ventures and Criterion Capital Partners LLC will be considering bidding for the site.
MySpace has struggled in the social networking scene ever since Facebook started gaining notoriety in 2006-07. It has lost millions of users, and has attempted to add new features to hold on to a younger customer base.
The company redesigned itself once again late last year, focusing on entertainment and music, but the venture has had little effect.
Patrick Stafford is a freelance journalist and a former deputy editor of SmartCompany.
