MocoSpace looking at buying MySpace

05 Feb 2011

MocoSpace, a Boston, US-based social network operated by JNJ Mobile Inc, is looking at buying MySpace, which has been put on the block by its current owner News Corp.

MocoSpace said it has already received a response from MySpace.

"News Corp has already responded to our interest in the business and we hope to start the conversations as early as today," Justin Siegel, CEO of MocoSpace, said.

Although Rupert Murdoch's News Corp doubled its earnings to $642 million in its fiscal second quarter, troubling performance by the social networking site MySpace, which it acquired with much fanfare for $580 million in July 2005, has been a drag on the company's profitability.

News Corp's net profit rose from $254 million (overall revenue increased slightly to $8.76 billion) year ago mainly on strong support received from TV affiliate's revenue and advertising market.

Leaving out charges related to restructuring to a reorganisation of MySpace, the company's adjusted per-share earnings stood at 29 cents. (See News Corp profit doubles despite MySpace troubles)