MUMBAI: News Corp is in the process of exploring strategic options for its MySpace website in the form of a sale or a hive off. The move comes a day after the former social networking company slashed nearly half of its staff.
  
The Rupert Murdoch company that paid $580 million for MySpace in 2005, however, thinks that a spin off would be the most logical route. The option would likely entail someone from the venture capital or the private equity community investing in MySpace, thereby altering the current ownership structure.

News Corp launched a new version of the site last October centered on music, movies and entertainment for the 35-year-old-and-under crowd. 
 
It may be recollected that in November last, News Corp Chief Operating Officer Chase Carey had said that the company was exploring all options for MySpace, including a sale. She later told investors the same month that MySpace had quarters rather than years to turn itself around.

Once the numero uno Internet social networking site, MySpace has been eclipsed in recent years by Facebook that now has more than 500 million users.