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January 13, 2011

Murdoch looks to offload MySpace

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by Darren Allan

In a none too surprising turn of events, it seems that News Corporation is looking to sell or spinout MySpace.

It’s no secret that MySpace has been struggling since Facebook steamrollered past it a couple of years back, although it has tried to stay relevant with a recent revamp as a content led “social entertainment” site.

How successful that move will be in the longer term is unclear, although what is clear is that the outfit is set to shed half its staff, as earlier this week it was revealed 500 MySpace jobs were to go.

So the news (via Reuters) that Murdoch is looking at possible options including flogging the site off is hardly a shock.

A News Corp spokeswoman told Reuters: “We are looking at a number of strategic options for the business, including a sale, merger or spinout.”

Back in 2005, when MySpace was in a position of dominance as a social network, Murdoch paid over half a billion for the company.

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