WILL MYSPACE FIND A NEW SPACE?

MySpace, which has recently relaunched as a more entertainment-driven site, may well be put on the block by owner News Corp., COO Chase Carey told Reuters.

The site still attracted 60 million visitors in October despite fierce competition from social networks like Facebook and Twitter.

An outright sale or partnership are two of the possibilities.

“If there’s something there that makes sense you ought to think about it,” said Carey, who interrupted the talk to Tweet Rupert Murdoch about the conversation.

Yahoo and AOL are two possible destinations or partners for the site after its revamping is finished.

Carey refused to specify how long News Corp was willing to give after previously stating he expects the site to become profitable within quarters rather than years.

MySpace recently launched a new partnership with Facebook, dubbed a Mashup, allowing its users to merge their entertainment interests from one site to the other.

"We have really overhauled the product and made it a very different experience," Carey said.

News Corp acquired MySpace in 2005 for $580 million after Murdoch swooped in to beat rivals like Viacom in the bidding, a move that many say cost then-MTV ruler Tom Freston his job. The deal paid for itself after Google inked a three-year $900 million search advertising deal in 2006 that has since run out.

There have also been several management team overhauls in the last couple of years since the original founding CEO, Chris De Wolfe, stepped down in April 2009.

Wall Street analysts believe MySpace could easily be divested by News Corp with no impact on its bottom line.

"It's not been integrated much with anything at News Corp, that's why it's a free asset," said Miller Tabak’s David Joyce. "It's irrelevant as a valuation metric."