Publicly, News Corp is stating its commitment to My Space, but rumor has it that the site is for sale. So News Corp took an up and coming site and turned it into a dog while it's competitor, Facebook, continued to grow and grow. So who who wants to buy a dog? Per the article, "A separate gossiper close to News Corp management tells us News Corp is asking private equity firms for $700 million." Is it worth that much?
And can a new owner turn My Space around or does it have too much baggage that it would need a whole new brand name, strategic direction, and marketing push to recapture the social network user. And given all that, wouldn't it be cheaper to start from scratch. At $700 million I would say so.
