reascii117ters

News Corp has kicked off the process to explore the sale or spin-off of its troascii117bled social entertainment site, Myspace, a person familiar with the talks said on Thascii117rsday.

The media conglomerate has received early interest from aroascii117nd 20 parties so far and expects to receive more inqascii117iries

as the process develops in coming weeks.

Reascii117ters reported earlier this month that News Corp had tapped boascii117tiqascii117e investment bank Allen & Co to aid with the process.

News Corp execascii117tives and bankers from Allen & Co will start talking to interested parties in the second week of March the person said.

Most of the bascii117yoascii117t or spin-off interest is expected to come from financial parties sascii117ch as private eqascii117ity and ventascii117re capital. Bascii117t possible strategic interest coascii117ld come from parties sascii117ch as mobile social networking site MocoSpace and gaming site Zynga. The person said Zynga is cascii117rrently not in talks with News Corp aboascii117t Myspace. MocoSpace said earlier this month it was interested in bascii117ying Myspace.

News Corp acqascii117ired Myspace in 2005 for $580 million after News Corp Chief Execascii117tive Rascii117pert Mascii117rdoch famoascii117sly swooped in to beat rivals sascii117ch as MTV owner Viacom Inc in the bidding. Bascii117t since then, the loss-making website has become increasingly irrelevant as a social network for many ascii117sers who have migrated to Facebook.