News Corp looking at sale or partnership options.
News Corporation, current owners of the once popular social networking site MySpace, has told The Sydney Morning Herald that the company is looking to sell of the increasingly failing website.
Chase Carey, COO of News Corp said that a sale or partnership are some of the options the company would consider for the in relation to the site.
Earlier in the month, Carey said he expected MySpace to stabilize and achieve a profit within quarters of the year.
“We think it can be a really interesting business. It has some real assets,” Carey said on Monday during Reuters Global Media Summit.
MySpace was recently re-launched with a design overhaul focusing more as a user entertainment portal than being a direct competitor to Facebook.
“We have really overhauled the product and made it a very different experience and I think they did a very good job,” Carey said.
News Corp had had acquired MySpace in 2005 for $580 million, not so long before Facebook came on the block. The rest is history, they say.