News Corp. Mulls MySpace Sale for Yahoo Stake: Report
Rupert Murdoch's News Corp. is considering selling its social networking Web site MySpace.com to Yahoo for a 25% stake in the Internet portal, worth about $12.3 billion, the Times of London reported.
The potential deal, which CNBC's David Faber initially reported Monday citing activist investors and media executives, would mark a staggering increase in the value of MySpace, bought by News Corp. for $580 million in summer of 2005.
The sale of other News Corp. assets is also being discussed, according to the Times, with games network IGN also thought to have been offered to Yahoo .
But any potential deals could be up in the air after Yahoo CEO Terry Semel left the company, the paper said.
Yahoo's acquisition of the social networking site could provide a valuable asset in the race for market share with rival Google, but it is not clear whether Yahoo will accept the News Corp. deal, the Times reported.