Two companies are reportedly leading the bidding to buy social media website Myspace.
A source close to the matter told “The Wall Street Journal” any deal to sell the company will include a provision to cut more than half of the website’s 500-person staff. The leading bidders are identified as ad firm Specific Media and private equity company Golden Gate Capital. They are expected to pay substantially less than the 100-million dollars owner News Corp. wanted to get in the sale. News Corp. paid 580-million dollars for Myspace in a 2005 acquisition. The “Journal” reports that other groups are also considering bidding for Myspace. Announcement of a deal could come as soon as today.