News Corp COO Carey Says Myspace Makeover Makes It Easier To Sell
(Updated) News Corp seemed more ready than ever to divest itself of Myspace in a Monday interview with the parent company's COO Chase Carey. "I'm not going to break down (the number of) quarters," he said. "It's not years ... We need to deal with this with urgency." He praised the recent makeover saying that made the site easier offload. Prior to the changes, it would have been "a pretty tough sale process," according to the exec."I think those options would have been pretty limited and I think probably would have undervalued it against what we think it can be," Carey told Reuters during the Global Media Summit.
"It's not been integrated much with anything at News Corp, that's why it's a free asset to divest easily," according to Miller Tabak analyst David Joyce. "It's irrelevant as a valuation metric." Myspace is currently visited by 60 million monthly compared to Facebook's 152 million.