It’s curtains for MySpace, at least as we know it. Earlier in the week MySpace announced there would be a 47 per cent layoff of its staff, and now News Corp has announced that it’s looking at the options for a sale of MySpace.

A spokesperson for MySpace said: “We are looking at a number of strategic options for the business, including a sale, merger or spinout.” A spinout is thought to be the most likely route, whereby MySpace will be chopped up and sold off in portions to venture capitalists and entrepreneurs.

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Bad vibes from News Corp over MySpace started surfacing months ago: in November News Corp’s president Chase Carey said the MySpace $156m cash hole was “neither acceptable or sustainable”, and described MySpace as a “problem”, just a month after a site redesign.

Will MySpace die a death? Is it worth buying or has News Corp proved it to be a bad investment?

[via Reuters]

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  • bensillis

    Good riddance MySpace. As much as I'd love to see Facebook face competition, MySpace really wasn't it – even if ironically, Facebook won more users by offering private profiles, then guiding them to go public, like MySpace. It was just too ugly.

  • StephenEbert

    Remember Hi5? It still exists, y'know.

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