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.