• Cnet, Tuesday, November 15, 2005 11:47 AM

Friendster, one-time darling of the social networking sphere, has hired investing firm Montgomery & Co. to find a buyer, according to Cnet. Unnamed sources say Friendster has been in talks with Internet media firms about a possible acquisition, although neither company would confirm or deny the claim. One of the sources said Friendster has been looking for a buyer all year, initially in the $200 million range, but now the price has been lowered to between $50 and $100 million due to intense competition from other online community sites like MySpace. Both were founded in 2002, yet Friendster has struggled to grow in recent years while MySpace, now with the backing of News Corp., surged 840 percent last year. MySpace now has 33 million users, while Friendster has 21 million.

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