In an earnings call Wednesday, News Corp. publicly revealed plans to sell struggling social media site MySpace. The site has been re-designed and repositioned over the last year to focus on media promotion rather than social networking. However, the overhaul into an entertainment portal has yet to turn the site into a successful enterprise.
The once popular social media site now struggles in the shadow of the Facebook juggernaut. News Corp. bought MySpace in 2005 for $580 million. Almost half of MySpace’s employees got pink slips last month.