MySpace Sale Talks Underway

Report: News Corp. taking meetings; Zynga tabbed as potential suitor

Latest rumor swirling in the MySpace space: On top of the 550 layoffs News Corp. is planning for its formerly mighty social network, Rupert Murdoch and co. have "started taking a slew of meetings about selling MySpace and they have many more meetings planned in coming weeks."

This, according to a CNBC report citing unnamed sources.

A spokesperson for News Corp. did not immediately respond to TheWrap's request for comment. But it rings true. In late November, News Corp.'s Chief Operating Officer Chase Carey admitted the company is open to all options when it comes to MySpace, and alluded to a potential sale.

“There are opportunities here to do 20 things but that doesn’t mean you’re going to do any of the 20." Carey said at the Reuters Global Media Summit. “If there’s something there that makes sense you ought to think about it.”

SEE ALSO: How News Corp. Can Save MySpace

Meanwhile, the CNBC report say that while even more layoffs than the reported 50 percent of the site's 1,100 staffers would be necessary before it's sold, News Corp is nonetheless "on track to complete a sale of MySpace by mid-year."

One likely buyer being floated is Zynga, the social gaming company responsible for the Facebook hit Famrville.

As CNBC notes, MySpace's former CEO now works there, and "the company's sky high valuation means it would have no problem using stock to make a purchase larger than MySpace."

Rupert Murdoch paid $580 million for MySpace in 2006, with high hopes for its future alongside Facebook. Now, all Rupe can hope for is a dignified exit.