News Corp is looking to get just $30m for Myspace

RUPERT MURDOCH'S disasterous reign over social networking castoff Myspace is coming to an end, with the dark lord of media looking to get a mere $20m to $30m for the outfit.

AllthingsD is reporting that Murdoch's News Corporation will be slashing 50 per cent or more of Myspace's staff as part of the sell-off to either Specific Media or Golden Gate Capital. The deal should be completed by Thursday, when News Corp's fiscal year comes to a close.

Back in 2005 when Myspace had the world at its feet, Murdoch's News Corp shelled out the best part of $600m to acquire it. Since then the social notworking web site has done very little right, ending up as an embarrassing blot on Murdoch's world-spanning right wing media portfolio.

News Corp's attempt to flog Myspace hasn't been particularly glorious for the firm either, with News Corp seemingly resigned to the fact that it will realise significant losses on the deal.

Apparently things are so bad that AllthingsD is reporting that News Corp doesn't want Myspace weighing down on its 2012 fiscal year. It claims that News Corp might retain a minority stake in the company after the sell off.

Murdoch's latest attempt to shape the web in his image is to erect paywalls on his various news titles. If his success with Myspace is anything to go by, then Murdoch better be ready to see his empire crumble. µ