News Corporation (ASX:NWS) could sell its struggling social network site MySpace as soon as this week.
According to a number of reports in News Corp publications, the company has been pushing to finalise the sale before the end of the financial year.
Online advertising firm Specific Media has been tipped as the front runner, with Private-equity firm Golden Gate Capital also understood to be in advanced discussions.
News Corp is believed to be targeting a price of $US100 million for MySpace after having acquired the site for $US580 million in 2005.
However, according to the reports the final price is likely to be significantly less.
In the first half of its 2011 financial year, News Corp posted a net profit of just under $1.5 billion.
