Los Angeles – News Corp. (NYSE: NWS) has begun its efforts to sell off
its struggling Myspace social network-turned entertainment portal in earnest, and
has received early interest from some 20 potential suitors, Reuters reported, citing
a person familiar with the talks. The company earlier this month retained the
services of investment bank Allen & Co. to assist with the sale, and
Reuters’ source said News Corp. will initiate discussions with interested
parties in the second week of March.
Suitors are rumored to include private
equity and venture capital firms, as well as social media firms such as Zynga
News Corp. acquired Myspace for $580 million in 2005.