Gaming company looks at MySpace acquisition

Mobile gaming company MocoSpace has said it wants to acquire beleaguered social network company MySpace.

Mobile gaming company MocoSpace has said it wants to acquire beleaguered social network company MySpace.

Earlier this month, Myspace parent company News Corp said now was the right time to attempt to place the social network "under a new owner".

MocoSpace told Computer Weekly it is most interested in MySpace's mobile assets, but the acquisition would also give the company scale.

"Although we wouldn't be willing to throw a lot of money at it, at the right price it would be an interesting proposition," said MocoSpace CEO Justin Siegel.

News Corp acquired MySpace in 2005 for $580m (£361m), but since then it has been haemorrhaging cash. The media giant recently reported a $156m loss from its "other" segment, which covers its digital media businesses. The company has also halved MySpace's workforce in a bid to cut costs.

MocoSpace is a 50-person company with a turnover of $12m, but Siegal said in the right circumstances it would not be difficult to raise the funds for an acquisition. "There's a good chance investors may be looking at the sale and may be interested in buying but not running, so we want to make it known that we are interested in the company," he said.

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