Report: MySpace Being Shopped on the Cheap

The Wall Street Journal is reporting that bids to purchase the once-mighty MySpace from News Corp could begin next week. The rumored sell-off could come at an asking price of $100 million, a far cry from the $580 million that News Corp shelled out in 2005 when they bought the social networking site. Of course, a lot has changed since 2005, namely the rapid rise, expansion, and ubiquity of Facebook.

Once the poster-child for the then-embryonic web 2.0, MySpace has seen declining membership and, more recently, massive staff reductions. Though MySpace has enjoyed some success by re-inventing itself as a music and entertainment hub, it hasn’t been able to recapture the site’s early momentum.

By comparison, the Daily Register reports that in January Facebook was valued at around $50 billion.

(WSJ via Yahoo News via Slashdot, U.K. Register)