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Thursday, January 13, 2011

News Corp. Considering MySpace Sale

Just a day after it was announced that MySpace would lay off nearly half its staff, News Corp. admitted it's considering selling the site. "News Corp is assessing a number of possibilities including a sale, a merger, and a spinout," Rosabel Tao, a spokesperson for Myspace.

On Tuesday, the former social-networking behemoth announced it would cut its staff by 47 percent. News Corp. famously bought MySpace in 2005 for $580 million, but it hasn't exactly been a cash cow for the media company. In the last quarter, the segment of News Corp. that owns MySpace lost $156 million.

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