Myspace Is For Sale

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.

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