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MocoSpace Could Buy MySpace in Sale for $50 - $200 Million
 
MocoSpace Could Buy MySpace in Sale for $50 - $200 Million
 
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By: Spacelab Research Staff
February 7, 2011
 
Mobile social network MocoSpace is looking to purchase MySpace, according to various news reports from well-trusted web sites. Strike while the iron is hot! A MySpace sale would be the perfect thing to get MySpace back inline, as News Corp has proven horribly inept at doing.

MySpace Music did a redesign, and the company layed off about 500 workers to set itself up for a potential sale. Now it's just a matter of time, and finding the right buyer.

“They are open to discussing it with us. This may be an opportunity to acquire an asset that we have the unique skills to manage,” said Justin Siegel, CEO of MocoSpace in an interview with BusinessWeek.

MySpace spokespeeps appear mute on comments on the deal, but MySpace seems ripe for a transformation for the mobile music arena if it can find the right type of suitor. Reuters reports that an auction might happening for a MySpace sale, to be handled by Allen & Co. They say that there could be as many as 50 parties interested in buying MySpace.

News Corp bought MySpace in 2005 for $580 million, which was seen as a major coup at the time. It took News Corp out of the analog woods and into the digital fire. With one spectacular swoop, News Corp became a major web property, as MySpace was a hot site at the time. Times have changed.

 

Tags: MySpace

 
 
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