MySpace Up For Sale – News Corp Asking $100 Million – Deal by End of Week?

Every now and then you see something that really hits home and makes you realize that an end of an era is upon us.

And so it is with the once dominating social network MySpace.

The Wall Street Journal is reporting that News Corp has put up for sale with an asking price of $100 million.

Expectations are that about a dozen companies will express an interest in buying the now shrinking network.

News Corp paid $585 million back in 2005 when MySpace was dominating the internet by adding over 1 million new users a day. But today, Facebook has all but made MySpace obsolete and irrelevant.

After a big push last year to redesign the site and add a focus on music and entertainment failed to stop users from jumping to Facebook, News Corp decided it was time to sell.

Several venture capital and investment firms have indicated they may be interested in buying the property, and Bebo has also said the may bid on the site.

Regardless of who steps up to the plate, we should know who the new owner is by the end of the week.

But that still leaves one big question.

What will the new owners do differently that the old owners didn’t already try?

Stay tuned.