There are a number of MySpace bids flying around, according to recent reports. Everybody's favorite site of yesterday has been looking at offers from Thomas H. Lee Partners, Redscout Ventures and Criterion Capital Partners LLC, an unnamed Chinese Internet company, and VEVO, although it appears that their interest in the MySpace sale has dropped off. Even the site's founder Chris DeWolfe could be in the running.
"About a half dozen private equity firms and companies are expected to submit bids for News Corp.'s Myspace by the end of this week, according to people familiar with the matter," said the Wall Street Journal last week. Although MySpace was bought for a cool $580 million, the floor for current offers is reportedly $100 million.
MySpace was always the musical destination to be on in its heyday (remember when bands would skip making their own web site and just do a Myspace site instead?), but has been in decline, sliding down a slippery slope of traffic drop offs and falling revenue as the site stagnated after the purchase of the site by NewsCorp back in 2005. It was hailed as a digital coup in its time, and made people consider Rupert Murdoch as an online mogul, but a failure to upgrade MySpace and MySpace Music (before it was too late) led to the site becoming more of an online ghetto.
MySpace is expecting a number of offers on a sale, according to a WSJ report. What's the future of MySpace Music?