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News Corp plans to sell MySpace social network

News Corp has said it plans to sell its MySpace social networking subsidiary.

News Corp has said it plans to sell its MySpace social networking subsidiary.

COO Chase Carey said during the company's financial results conference call that "now is the right time" to attempt to place the social network "under a new owner".

Results from MySpace were "below expectations", said the company. MySpace recently announced it was halving its global workforce by around 1,000 staff.

News Corp, which also owns The Times, The Sun and News of The World, said it would take a $275m charge to "restructure" MySpace, in a move designed to make the site more attractive to investors, it is thought. News Corp bought Intermix Media, owner of MySpace for $580m in 2005.

MySpace was once seen as the leading social network, but has struggled to compete with the rise of Facebook and Twitter. The announcement came the same day Rupert Murdoch launched his iPad-only newspaper The Daily.

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