News Corp: 'Now Is The Right Time' To Sell MySpace

02/03/2011 09:14 am ET | Updated May 25, 2011

It looks as if the torturous MySpace saga is headed for an end: NewsCorp finally seems ready to sell the suffering company off to whoever might be interested.

After massive layoffs, enormous ex-employee vitriol and weeks of speculation, COO Chase Carey finally admitted that a sale was in the works.

"With a new structure in place, now is the right time to consider strategic options for this business," Carey told analysts on a conference call. "The new MySpace has been very well received by the market and we have some very encouraging metrics. But the plan to allow MySpace to reach it's full potential may be best achieved under a new owner."

The statement comes on the heels of NewsCorp's latest earning report, which included the news the company has had to spend $275 million dollars in restructuring MySpace, potentially to spruce it up for buyers.

MySpace, which has undergone heavy losses in the wake of Facebook's domination in the social networking space, rebranded as a entertainment-oriented site, but to no avail.

Carey expanded on the sale to PaidContent, saying the site was fielding "a lot of interest" but hedged on admitting the sale would definitely occur by mentioning that "it could be an investor coming in to it, it could be us staying in with a restructured ownership structure with management."

Nevertheless, the message was clear. "We think a fresh perspective would give them flexibility and an opportunity to get a new life consistent with the right-sizing of the product and the costs," he said.

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