News Corp reportedly wants to give up Myspace

It’s time to jump off the sinking ship.

That’s the mindset that’s probably going through News Corp right now as the company reportedly looks to offload the burden of Myspace to

News Corp acquired Myspace in 2005 for $580 million. That was less than one year before Facebook ended its school-centric focus and let millions of new users enter its social network.

Needless to say, it wasn’t one of News Corp’s best purchases. Myspace has been slowly dwindling ever since, to the point where it now gets about 62 million viewers per month.

That’s not an insignificant number, but it’s a humongous drop from where the site used to be, and there’s no reason to believe it’ll do anything but continue to fall.

Where Myspace has been able to retain some relevance is in the independent music industry. Indie musicians and bands have been able to convert the once all-encompassing social network into a place to share music and connect with other like-minded viewers.

In that light, News Corp is reportedly looking to ink a deal with Vevo which would hand over much of Myspace’s control. Vevo is a joint venture by companies including Universal Music and Sony Music.

Exact terms of the deal haven’t been leaked, but it looks like it should be a reasonable fit.