MySpace Goes On Sale

MySpace, one of biggest social networking sites in 2005 before Facebook rose to dominance is now on sale. Its owners, News Corp, are seeking $100 million and are also expecting bids from various people who may want parts of the Myspace pie.

On sale for $100 million

During its reign as the most preferred social networking site in the early 2000s, News Corp bought MySpace from eUniverse (now renamed Intermix Media) for a princely sum of $580 Million. Since then, Myspace has launched different versions in various regions including UK and China. It also joined other networking sites such as LinkedIn, Hi5 and others in forming the Google-led OpenSocial Alliance.

Its decline started in late 2007, as members started leaving citing lack of innovation and features. It tried to redefine itself as an entertainment hub via redesigns, but it could not keep up with the Facebook juggernaut which constantly beat it in terms of hits and new members. Myspace also began cutting down on its workforce in 2010, giving rise to rumours of its sale.

According to Yahoo News, parties interested in purchasing Myspace include owner of social networking site Bebo as well as Chinese Internet holding company Tencent.