(RTTNews) - Media giant News Corp. (NWS: News ,NWSA: News ) is moving towards a strategic partnership for its social networking site Myspace, the Wall Street Journal reported Sunday, quoting people familiar with the matter.
News Corp. has considered different options, including a sale, but the bids have come below its $100 million expectation for the struggling social networking site. News Corp. bought Myspace for $580 million in 2005.The company began accepting offers for Myspace, part of its digital media unit, in April and several firms are said to be interested. The bids are likely to be filtered to one or two in the next two weeks, with a deal expected by month-end.
Private-equity firm Thomas H. Lee Partners in a partnership with Redscout Ventures and Criterion Capital Partners LLC were previously said to be interested in the deal. However, they are not considered serious contenders now, the report added.
In April, Myspace drew 37.1 million unique U.S. visitors, a year-over-year decline of 46 percent.
NWS closed Friday's regular trade at $17.85, down $0.29 or 1.60 percent, on 2.08 million shares.
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by RTT Staff Writer
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Source: http://www.rttnews.com/Content/BreakingNews.aspx?Id=1639185&SimRec=1&Node=B1
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