News Corp is looking to sell its once-hot social networking site MySpace for more than $100 million, a report citing people familiar with the sale said.
According to The Wall Street Journal on Tuesday, the media conglomerate owned by Rupert Murdoch will likely be receiving bids for fractions or the whole social networking site.
Citing sources familiar with the MySpace sale, the WSJ said that News Corp. will accept no lower than $100 million for the ailing site. It bought MySpace in 2005 for $580 million.
The Journal, which is also owned by News Corp, said that potential bidders are THL Partners, Redscout Ventures and Criterion Capital.
The report also said that Chinese company Tencent and Myspace co-founder Chris De Wolfe have looked into the viability of buying MySpace.
A deal for the money-losing social networking site is expected to be revealed on June, the WSJ said.
