MySpace may trim down to win suitors

MySpace may trim down to win suitors
Highlights
  • Reports surfaced on Friday that faded social networking star MySpace may cut more staff to be attractive to suitors.
Reports surfaced on Friday that faded social networking star MySpace may cut more staff to be attractive to suitors.

A Wall Street Journal report cited unnamed sources as indicating News Corp. might make MySpace leaner for potential buyers including music video service Vevo, China-based Internet company Tencent, and private equity firms.

News Corp. has had MySpace sale talks with those companies and with Chris DeWolfe, a founder of the online social networking pioneer added to Rupert Murdoch's media empire in 2005 for $580 million, according to the Journal.

News Corp. owns the Journal.

News Corp. revealed in January that it was exploring a sale or other "strategic options" for MySpace, the ailing social network which has been eclipsed by Facebook.

News Corp. chief operating officer Chase Carey put MySpace on notice in November saying the losses at the social network were "unsustainable."

Facebook has grown to more than 500 million members while MySpace's numbers have dwindled. Early this year, MySpace cut some 500 jobs, nearly half its staff.

Comments

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Further reading: Facebook, MySpace, Vevo, fading, social network
Russia denies plans to ban Gmail, Skype
Celebrity tracker 'app' for Android smartphones

Related Stories

Share on Facebook Tweet Snapchat Share Reddit Comment
 
 

Advertisement

Advertisement

Advertisement

© Copyright Red Pixels Ventures Limited 2021. All rights reserved.
Listen to the latest songs, only on JioSaavn.com