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Myspace up for grabs

NEWS Corp is to sell the troubled social media site Myspace in the next two days, according to reports.

Reuters quoted a source familiar with the situation as saying two front-runners have emerged in the auction process -- online ad company Specific Media and private equity firm Golden Gate Capital.

The deal is likely to be a mix of cash and shares for less than $100m. Additionally, more than half of Myspace's 500-strong workforce is expected to be laid off because of the deal.