MySpace to be sold for just £18 million?

<p style="text-align: center;"><img alt="" class="aligncenter" height="90" src="http://img94.imageshack.us/img94/8580/myspacenewlogo200200.jpg" width="120" /></p><br/>MySpace looks set to be sold this week, with the social networking site to be bought for a fraction of the $580 million News Corp paid for it back in 2005.<br/><br/>News Corp had been hoping to get around $100 million for the site, but All Things Digital is reporting that this is way off the number that is likely to be agreed, which will be between $20 to $30 million (£12 to £18 million).<br/><br/>There are two companies vying for MySpace. Specific Media and Golden Gate Capital – the former being an advertising network and the latter a private equity firm.<br/><br/><strong>Deal soon</strong><br/><br/>News Corp is hoping that the sale will be completed by Thursday and it is thought that MySpace Music will be what the eventual buyers will focus their sights on.<br/><br/>According to All Things Digital, there is also an outside chance that the co-founders of MySpace may be interested in giving the site a much-needed kiss of life.<br/><br/>Both Tom Anderson (remember him? He wanted to be your friend so badly) and Chris DeWolfe could well come in with a last-minute bid.<br/><br/>Whatever the outcome, it is likely that MySpace will shed more jobs (rumours are that 150 will go) and become a much more streamlined affair.<br/><br/>Looks like the My [___] logo introduced earlier this year was a sign of the cost-cutting to come.

MySpace to be sold for just £18 million?

MySpace looks set to be sold this week, with the social networking site to be bought for a fraction of the $580 million News Corp paid for i...

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