NewsCorp Begins MySpace Auction Wednesday
It feels like a race to the bottom, but at least the action has finally begun. After months of publicly bashing MySpace, parent NewsCorp is reportedly beginning the sale process in ernest on Wednesday. And, not surprisingly after months of tire kicking, there's no one bidder in the lead.
Vevo, Providence Equity Partners and Silver Lake Partner have all had preliminary discussions according to AllThingsDigital, but no formal offers have been made. Facebook, Google and Zynga are reportedly not on the list of interested buyers.
Several sources still privately claim that MySpace has a viable turnaround plan. Perhaps they'll let any investors know soon what those plans are.