News Corp. Considering Selling MySpace
The news comes a day after the social-networking site, which loses about $100 million a year, saw half its work force laid off.
One day after cutting nearly half its work force, News Corp. said it is considering selling the asset.
"News Corp. is assessing a number of possibilities, including a sale, a merger and a spinout," MySpace spokeswoman Rosabel Tao told Bloomberg on Wednesday.
Tao said MySpace CEO Mike Jones told employees during a meeting Wednesday that such plans were being explored.
If it decides to spin off the business, which loses roughly $100 million a year, News Corp. would help fund it, and employees would be eligible for shares, Bloomberg reported.
Jack Kennedy, executive vp operations at News Corp.'s digital group, is handling inquiries from prospective buyers, according to Bloomberg.