News Corp. to sell MySpace this week

By The Associated Press

LOS ANGELES (AP) – News Corp. is aiming to sell its struggling social network site MySpace this week, but it hasn’t selected from among several buyers yet. That’s according to a person familiar with the matter.

The company is looking to cut a deal Wednesday or Thursday in order to have it completed this fiscal year, which ends Thursday. The person was not authorized to comment publicly and spoke on condition of anonymity.

At least three bidders are still in the running – Specific Media, Golden Gate Capital and Austin Ventures.

Earlier, the News Corp.-owned website All Things D reported that MySpace was on the verge of being sold for $20 million to $30 million.

The person says the deal price will likely be much higher and include a combination of cash and stock.