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Tech

Myspace Is About To Be Sold For $30 Million

Jay Yarow
2011-06-28T15:03:00Z
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News Corp. is about to sell Myspace for $20 million-$30 million, Kara Swisher at All Things D reports.

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The groups vying for the remains of Myspace are Golden Gate Capital, a PE firm with $9 billion under management, and Specific Media, an ad network.

News Corp.'s fiscal year ends this Thursday, so it's looking to wrap up the sale before the end of the fiscal year, so it can get Myspace off the books for 2012.

This is quite the come down for Myspace. News Corp paid $580 million for Myspace in 2005. When it started selling Myspace this year, it was looking for $100 million.

Don't Miss: Myspace Is Burning Cash Like You Wouldn't Believe

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