News Corp mulls MySpace sale

Rupert Murdoch’s media conglomerate, News Corp, is mulling a sale of MySpace after effectively conceding defeat in its battle with Facebook.

News Corp purchased the site for £378m in 2008 but after admitting its asset is a “problem”, it is unlikely to achieve anything like that amount upon resale.

A potential alternative would be to partner Yahoo or AOL to develop the site further.

Chase Carey, chief operating officer at news Corp, admitted there was an “urgency” to bring MySpace back to profitability but wouldn’t be drawn into committing to a specific timeframe.

News Corp redesigned MySpace in an attempt to better compete with market leader Facebook, part of a brand strategy to focus on social entertainment, something Carey believes will enhance the sites marketability.

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