Who wants to buy an ailing social networking site?

      Despite a relaunch earlier this year with a brand-new logo and a brand-new hookup with Facebook, News Corp. is apparently looking into the possibility of selling MySpace, the social networking site that has been overshadowed by Facebook in recent years.

      Word that News Corp. could soon put MySpace on the block came in a Reuters interview with company COO Chase Carey.

      "There are opportunities here to do 20 things [with MySpace], but that doesn't mean you're going to do any of the 20," Carey told Reuters. "If there's something there that makes sense you ought to think about it."

      News Corp. purchased MySpace for $580 million back in 2005, but the social networking site failed to maintain the upper hand in the ever-changing world of social media when faced with fierce competition from Facebook, Twitter and other new sites. Despite losing substantial ground to competitors, however, MySpace was still visited by 60 million visitors in October, Reuters reported.

      "[Before the overhaul], I think [sale and merger] options would have been pretty limited and I think probably would have undervalued it against what we think it can be," Carey said, adding, "We have really overhauled the product and made it a very different experience, and I think they did a very good job."

      Carey did not give a specific timeline for the possible sale, but he did that say, "It's not years. ... We need to deal with this with urgency."

      As DailyFinance reported back in March, the number of MySpace users has been in decline for some time.

      Above all, the number of "Active Users" is considerably smaller than the 100 million-plus cited in the site's online press kit. How much smaller, you ask? For the 30 days ending Feb. 19, it was only 18 million, a 6% decline from the previous 30 days. And the rate of decline only seems to be accelerating: The number of new unique users shrank 11%.

Source from AOL News

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