Los Angeles – News Corp. has not received any bids for its struggling MySpace social network to its liking, and now appears to be moving toward a “strategic partnership” rather that an outright sale, The Wall Street Journal reports, citing people familiar with the matter.
News Corp. was reportedly seeking at least $100 million for MySpace, but bids have “come in significantly lower,” according to The Journal’s sources.
The Journal notes that the situation makes it more likely that News Corp., which acquired MySpace for $580 million in 2005, will retain a stake in the company in any potential transaction.
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