Murdoch to flog Myspace for $100 million

Rupert “Digger” Murdoch is hoping to open his mail and find that someone has written him a cheque for $100 million for his failed social notworking site Myspace.

According to Reuters, which has been chatting to its deepthroat in News Corp, the outfit is expecting to receive bids for the site by the end of the week.

More than five bidders, with deep pockets, are expected to bid around the valuation figure for the company – which is $100 million.

Among the names who have been named and shamed are private equity outfit THL Partners, Redscout Ventures and Criterion Capital, which owns social networking site Bebo. Other namesinclude Chinese internet holding company Tencent and Myspace co-founder Chris De Wolfe.

The $100 million price tag is a rout for Digger who wrote a cheque for more than $580 million for the site in 2005.

In those days there was competition from other media companies because the outfit was a pioneer of the social networking space between 2005 to 2007. However it had its clock cleaned for it by Facebook.

Digger had a go at relaunching the site as a social entertainment site with a focus on music, movies and celebrities. No one was interested and site visits dropped.

We were surprised it was worth $100 million. We were going to stick in a bid and have a whip round. Our bid was three cigarettes, half a bottle of scotch and £2.50 in hard cash.