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Report: MySpace Headed For Auction Block

  • Reuters, Friday, February 25, 2011 11:58 AM
Despite its uncertain market position, MySpace apparently have its fair share of suitors. Indeed, since News Corp. brought in Allen & Co. to help unload MySpace earlier this month, it has received "early interest" from about 20 parties, "and expects to receive more inquiries as the process develops in coming weeks," Reuters reports.

Sources tell Reuters that the investment bankers from Allen & Co. plan to begin talking to interested parties in mid-March. But, who's looking to buy the defeated social network? Mostly private equity and venture capital firms. Also, as Reuters suggests, "Possible strategic interest could come from parties such as mobile social networking site MocoSpace and gaming site Zynga." MocoSpace, for its part, has publically expressed an interest MySpace, while Zynga's intentions are not presently known. Reuters' source did say that Zynga has yet to discuss a possible MySpace buy with News Corp.

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