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Conversations are underway with a bunch of potential buyers, CNBC is reporting, and a deal could be done by around mid-year. In advance of any sale, News Corp. plans to lay off around 50 percent of MySpace's 1,100 employees - possibly more in order to make the Bev Hills-based social networking site look a bit more attractive to potential suitors (only a portion of those employees are based locally.) Several names have been thrown around, but nothing substantive so far.
More by Mark Lacter:
American-US Air settlement with DOJ includes small tweak at LAXSocal housing market going nowhere fast
Amazon keeps pushing for faster L.A. delivery
Another rugged quarter for Tribune Co. papers
How does Stanford compete with the big boys?
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
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Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.