News Corp. in talks with internet company Yahoo!
June 21st, 2007 Leave a comment Visited 34 times, 1 so far today
News Corp. in talks with internet company Yahoo!
Market sources suggest that the media company News Corp. is in talks with the internet giants Yahoo for a possible swap deal.
News Corp. is said to be interested in swapping their MySpace.com social networking site for a 25 percent stake in Yahoo Inc.
This was first reported in a news item in The Times newspaper which is owned by News Corp. The report said that the parent company of MySpace.com is looking for exposure in a larger Internet-based business and Yahoo! is a suitable candidate.
News Corp had acquired MySpace.com in 2005 for $580 million. The current market value of Yahoo puts the worth of the social networking website at more than USD 10 Billion!
Standard & Poor’s equity analyst Scott Kessler said in a note that News Corp. is demanding too much for MySpace.com if the report is true. However, Yahoo is struggling in the markets it once used to dominate with rivals like Google performing exceedingly well and they might go ahead with such a deal.
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