Myspace might finally have a buyer as early as this week.
The social networks parent company News Corp. put the once hugely popular site up for sale several weeks ago and now All Things Digital reports that they are in the final stage of selling the troubled site.
Myspace was once a giant power house with millions of daily users, dwarfing a then little known Facebook, now the social networking site has become a 3rd rate site burning through cash and loosing users on a escalating scale.
News Corp. purchased the social network at the height of its popularity in 2005 for over $580 million and now the company is looking to sell it for somewhere around $20-$30 million.
According to ATD, Specific Media and Golden Gate Capital are at the top of the list to acquire the social network.
Both companies would capitalize on Myspace‘s biggest asset, music.
News Corp. hopes to close a deal as early as this Thursday, its fiscal year-end, to avoid carrying the sites debt onto next year’s books.
