News Corp. 'not seeking a buyer' for MySpace

Rupert Murdoch admits site is not yet where he wants it

NEW YORK -- News Corp. remains committed to social networking site MySpace, the conglomerate said Wednesday after suggestions it was looking to sell it.

"We're committed to the business and not seeking a buyer," a spokeswoman said.

A blog report had earlier suggested that News Corp. was looking for potential private equity buyers at a price tag of $700 million-plus.

News Corp. chairman and CEO Rupert Murdoch had on his company's most recent earnings conference call lauded MySpace for having shown signs of a stabilizing business, but said it isn't where he wants it yet.

When News Corp. bought MySpace for $580 million in 2005, the site at first kept growing its user base rapidly. This success made other entertainment giants scramble to look for their own possible networking site acquisitions.

But then MySpace's user growth stalled, and Facebook and Twitter started garnering most of the attention, raising questions about MySpace's future.

MySpace also recently underwent a management change as CEO Owen Van Natta left after only about a year at the helm.

New co-CEOs Jason Hirschhorn and Mike Jones have said they remain committed to the site's focus on the discovery of music, videos and other forms of entertainment.

And Murdoch recently said MySpace has seen "signs of traffic stabilization," but "it's not yet where we want it."
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