News Corp has decided to start sales proceedings on MySpace, with reports claiming that there are around 20 parties interested in purchasing the website.

It seems that a radical redesign, a cull of 50 per cent of its workforce and a re-branding of the site as an 'entertainment' hub, haven't stopped a sale from being actively sought.

There have been rumours since the tail-end of last year that Murdoch wanted to cut his losses and now it seems that a sale is inevitable.

MySpace race

Reuters is claiming that sources close to the matter (we'd like to think it was Tom himself) have revealed that there are up to 20 parties waiting to speak to News Corp about a possible MySpace takeover.

It also believes that Angry Birds' creator Rovio could be in the running, as could mobile social network MocoSpace.

Whoever ends up putting their hand in their pocket is unlikely to pay $850 million for the site, which was how much Murdoch and co bought MySpace for back in 2005.

Via Reuters