News Corp. Looking At Sale Of MySpace (NWSA, YHOO, AOL)

According to a Reuters report, News Corp.

COO Chase Carey said that the company is open to a sale of its MySpace property after a relaunch of the social network as an entertainment site. The article states that "a sale or partnership are two of a number of options the company would consider for the once valuable social network site, which has suffered in the face of competition from new hot sites like Facebook, which is visited by about 151 million people monthly, and Twitter." MySpace has been the subject of speculation that News Corp. is seeking to sell the site or partner with other digital media companies such as Yahoo

and AOL

. According to Carey, however, a potential merger "would have been largely a pretty tough sale process" before the revamp of the site. He added, "I think those options would have been pretty limited and I think probably would have undervalued it against what we think it can be." MySpace was acquired by News Corp. in 2005 for $580 million.