For Sale: MySpace
February 3, 2011 at 5:58 AM (PT)
NEWS CORP., the parent company of MYSPACE, said in an earnings call YESTERDAY (2/2) that it plans to sell the social networking site. USA TODAY reports during the call, COO CHASE CAREY said that "now is the right time" to attempt to place the social network "under a new owner."
MYSPACE attempted to redesigned itself over the past year as a media company with MYSPACE MUSIC a central selling point.
Despite these changes, NEWS CORP said the parent company isn't entirely pleased with the results. Ad revenues are lower than they once were, and "results at MYSPACE have been below our expectations," a company rep said.
"The new MYSPACE has been very well received by the market and we have some very encouraging metrics," CAREY said on the call. "But the plan to allow MYSPACE to reach its full potential may be best achieved under a new owner."