News Corp. is about to sell Myspace for $20 million-$30 million, Kara Swisher at All Things D reports.

The groups vying for the remains of Myspace are Golden Gate Capital, a PE firm with $9 billion under management, and Specific Media, an ad network.

News Corp.’s fiscal year ends this Thursday, so it’s looking to wrap up the sale before the end of the fiscal year, so it can get Myspace off the books for 2012.

This is quite the come down for Myspace. News Corp paid $580 million for Myspace in 2005. When it started selling Myspace this year, it was looking for $100 million.

Jay Yarrow, Myspace Is About To Be Sold For $30 Million

Wow. Sam Wick, SVP Strategy at MySpace, was called away last night after the LA Future Of Work talk he participated in. I bet it had something to do with this deal.

A drop from $580M, to way below the $100M being shopped. I wonder what the buyers think they can do with it?

Source: Business Insider

28 June 2011 81
xsmyspacenews corp

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