Bids for MySpace Due by End of Week (Report)
News Corp. expects to announce a deal around June.
NEW YORK -- News Corp. is looking for initial bids for MySpace by the end of the week and expects to announce a deal around June, the Wall Street Journal reported Tuesday afternoon.
About a half-dozen suitors, including private equity firms, are in the hunt for the social networking firm, with News Corp. looking for minimum offers of $100 million, according to the paper, which is owned by the media giant.
The conglomerate had acquired MySpace for $580 million in 2005.
The number of interested parties has declined since News Corp. opened up MySpace's financial books for closer inspection in February.
Current suitors include private equity firm Thomas H. Lee Partners and Criterion Capital Partners, which also owns social network Bebo, the Journal said, citing people familiar with the matter.
While some seem to eye an outright acquisition, others may structure a deal to leave News Corp. with a minority stake.
News Corp. also has held talks with a Chinese Internet company about a potential deal.