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Myspace 'expects to see bids by the week's end'

Myspace will see buyout bids buy the end of the week, it has been claimed.

27 April 2011

Social media portal Myspace is expected to receive buyout bids by the end of the week.

This is according to a Reuters report, which cited the comments of a source close to the issue as indicating the pioneering website will soon see five or more tenders.

THL Partners, Redscout Ventures and Criterion Capital are among the parties expected to make an offer for the portal, as well as China's Tencent and Mspace co-founder Chris De Wolfe.

Myspace is valued at over $100 million (£60 million) according to the source - and was purchased by $580 million in 2005 by News Corp.

During 2010 the site moved away from a Facebook-dominated social media platform and was re-launched as an entertainment portal.

Earlier in the month, Reuters reported that a source close to the matter had divulged plans by News Corp to form a consortium in an effort to acquire Formula One motor racing.
 

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