News Corp. to sell MySpace this week
LOS ANGELES (AP) — News Corp. is aiming to sell its struggling social network site MySpace this week and will likely lay off more than half of the staff, according to a person familiar with the matter.
The company hasn't selected from among several buyers yet, according to the person, who was not authorized to comment publicly and spoke on condition of anonymity. At least three bidders are still in the running — Specific Media, Golden Gate Capital and Austin Ventures.
The company is looking to cut a deal Wednesday or Thursday in order to have it completed this fiscal year, which ends...