News Corp has confirmed it is looking to sell struggling social networking site MySpace.
Earlier this week MySpace announced it was laying off half its global workforce, after a quarterly loss of $156 million.
"Today's tough but necessary changes were taken in order to provide the company with a clear path for sustained growth and profitability," CEO Mike Jones said in a statement.
News Corp paid US$580 million for the site in 2005. It is unclear how much the site would go for in its current state.
Another struggling network, Bebo, was purchased by AOL in 2008 for US$850 million, and two years later reportedly sold for less than US$10 million – a loss of almost 99 percent.
In contrast, Facebook is now worth around US$50 billion, according to market estimates.
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