News Crop_is expected to sell the troubled social media site MySpace in the next two days, according to a source familiar with the situation.
Two front-runners have emerged in the auction process: online ad company Specific Media and private equity firm Golden Gate Capital, the source said.
The deal is likely to be a mix of cash and stock for less than $100 million.
Additionally, more than 50 percent of MySpace's 500-strong workforce is expected to be laid off because of the deal.
News Corp. paid $580 million in 2005 for MySpace -- once a pioneer in social networking -- but soon lost ground to Facebook, now the world's No. 1 social networking site.
The news was first reported by News Corp.-owned AllThingsD.
Two front-runners have emerged in the auction process: online ad company Specific Media and private equity firm Golden Gate Capital, the source said.
Additionally, more than 50 percent of MySpace's 500-strong workforce is expected to be laid off because of the deal.
News Corp. paid $580 million in 2005 for MySpace -- once a pioneer in social networking -- but soon lost ground to Facebook, now the world's No. 1 social networking site.
The news was first reported by News Corp.-owned AllThingsD.
