MySpace to Hit the Auction Block This Week, What's It Worth?

Paul Lilly

It's no secret that News Corp. wants to wipe its hands of MySpace, the once popular digital playground that's seen all the cool kids pick up their gear and head over to that other social networking website, the one with over 500 million members. The question is, how much can News Corp. get for MySpace? That will depend on whether or not there are any buyers to begin with, which News Corp. will reportedly find out later this week as it puts MySpace up on the auction block.

According to The Wall Street Journal , which is owned by News Corp., an un-named potential buyer said News Corp. is looking to get at least $100 million for MySpace, after having purchased the social networking site for $580 million back in 2005.

Still too steep? We won't know until the bidding begins, but working against News Corp. is the fact that MySpace is posting its lowest numbers since February 2006. Despite a recent restructuring that has MySpace pitching itself as a sort of music and entertainment hub, MySpace's traffic is way down, dropping nearly 50 percent from a year ago to 36.1 million unique U.S. visitors, according to data obtained from comScore.

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