News Corp has officially started the sales process for its MySpace website, exploring both sales and spin-off possibilities fro the troubled social entertainment website.
Back in 2005 News Corp acquired Myspace for $580 million after beating rivals such as MTV owner Viacom Inc in the bidding. But News Corp Chief Executive Rupert Murdoch has done little with the site and lost a huge amount of its following to competitor Facebook.
New Corp has apparently already received around 20 enquiries from different parties for the MySpace site and News Corp has hired investment bank Allen & Co to help underwrite any deal that may come about.
Interested parties include venture capitalists but its also thought that Zynga as well as MocoSpace might also be interested in the service. As talks develops over the coming weeks and months it will be interesting to see how much is actually left from the $580 million invested from New Corp back in 2005.