News Corporation may be nearing the finishing line in its sale of social network Myspace, although the value is thought to be between $20 million and $30 million. That’s a lot less than the $100 million News Corp was hoping for, and a huge hit on the $580 million that it originally paid for Myspace (with the caveat that its advertising deal with Google quickly made that money back). All Things Digital reports that advertising network Specific Media and private equity firm Golden Gate Capital are now the frontrunners in the acquisition stakes, with both planning to focus Myspace on music. Up to 50% of the remaining staff may be laid off once the acquisition closes, which could happen in the coming days in order to slot it into News Corporation’s fiscal year. It remains unclear how existing Myspace Music licensing deals will be affected by any change in ownership, however.
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