News Corporation is seeking over US$100 million (AU$93.8 million) for Myspace, and about half a dozen private equity firms and companies are expected to submit bids by the end of this week, the Wall Street Journal has reported.
The newspaper, citing "people familiar with the matter", said the companies considering making an offer for Myspace include private equity firm Thomas H Lee Partners, Redscout Ventures and Criterion Capital Partners, owner of the Bebo social network.
The Journal said that News Corp has also had talks with a Chinese internet company about a potential deal for the ailing social network.
It said that online music video site Vevo had looked at a potential deal with Myspace, but that the company's interest had waned.
The News Corp-owned newspaper said that News Corp is seeking bids of no less than US$100 million (AU$93.8 million) for Myspace, which it bought in 2005 for US$580 million (AU$544.04 million).
The Journal said that News Corp expects to be able to announce a Myspace deal around June.
Facebook has grown to more than 500 million members while Myspace's numbers have dwindled. Earlier this year, MySpace cut some 500 jobs — nearly half its staff.
News Corp does not break out results for Myspace in its earnings, but the "other" segment that includes the social network reported a second quarter operating loss of US$156 million (AU$146.33 million), US$31 million (AU$29.08 million) wider than a year ago.