MocoSpace Considering Acquisition Of MySpace

Posted Feb 5, 2011

JNJ Mobile Inc. mobile social network subsidiary MocoSpace has an interest in buying News Corp. social network subsidiary MySpace. News Corporation has been looking for a way to spin off MySpace for quite some time now. MocoSpace CEO Justin Siegel said that News Corp. has responded to their advances.

MocoSpace is the largest mobile-only social network. They had 14 million users as of September 2010. MocoSpace has about 50 employees and has been profitable since the beginning of 2010. MocoSpace previously raised $10.5 million in funding.

?I don?t think it would be incredibly difficult to raise the kind of money we would need to buy it,? stated Siegel. MocoSpace believes that MySpace has a robust mobile business to it. He also believes that MySpace does not need 500 employees, but more like 100 people.