Mobile social network MocoSpace has approached News Corp about acquiring its troubled social network MySpace. While MySpace’s overall traffic has declined throughout 2010, the network does have a large base of mobile suers. News Corp wants to sell MySpace for $50 to $200 million dollars, while MocoSpace’s last round of funding was $6.5 million from Softbank Capital. MocoSpace CEO Jason Siegel says his company intends to raise money to try and meet News Corp’s asking price.
News Corp made its desire to sell off MySpace clear earlier this week, when News Corp announced a $275 million loss for the final three months of 2010, resulting entirely MySpace’s restructuring, relaunch, and devaluing. Losses in News Corp’s “other” divisions surged to $156 million, driven entirely by declining search and advertising revenue at MySpace. Otherwise News Corp’s operating income was up to $1.29 billion for the quarter otherwise, driven largely by its television segments.
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