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Myspace Has Just One Bidder, Sources Say

Myspace Sale

The Huffington Post   First Posted: 06/09/11 07:09 PM ET Updated: 08/09/11 06:12 AM ET

The tragic tale of once successful Myspace may finally come to an end.

According to All Things Digital, an investing group including Activision Chairman Bobby Kotick is in final talks to take over the site. ATD adds that Myspace owner NewsCorp is likely to hold onto about 20 percent of the site.

However, sources close to the deal also warned that it has not yet been finalized and could still fall apart.

News Corp paid $580 million for Myspace back in 2005, but the site has tanked since Facebook's rise, even with an attempted makeover into an entertainment hub. Recent numbers have shown traffic in steep decline.

Still, the most current reports said that News Corp was hoping to get at least $100 million by selling off the Myspace. Sources indicate that these numbers will not be met.

Since News Corp announced that the site was open for takeover, companies including Vevo, Zynga, and a few others were rumored to have been interested. These deals have not worked out, according to ATD.

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