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Edition: U.S. Article Comments (0) Editor's Choice Microsoft puts Office in the cloud, confronts Google Benefit of mammograms even greater than thought American climate skeptic Soon funded by oil, coal firms Russian scientists expect to meet aliens by 2031 FX meets Facebook, and retail trade gets transparent Venture firms seek light green tech bets Near-Earth asteroid passes over Atlantic Ocean "Start-stop" seen tripling in new cars by 2016 Video: Supreme Court says: Game on! Slideshow: The Midwest floods Follow Reuters Facebook Twitter RSS YouTube Read Special Report: A little house of secrets on the Great Plains | 11:31am EDT Bachmann facing scrutiny as top-tier candidate | 12:14pm EDT Radioactive water leaks from Japan's damaged plant | 12:50pm EDT Microsoft rolls out Office in the cloud 11:51am EDT Father killed when tree falls on tent in campground 2:56pm EDT Discussed 221 Biden deficit-cut talks hit impasse: Rep. Cantor 139 CBO sees government benefits swamping U.S. economy 113 Fragile economy pushed Obama to tap oil reserves Watched A Tokyo-Paris flight in under three hours on the horizon Fri, Jun 24 2011 Hefner's revenge; Ryan Reynolds stops traffic Fri, Jun 17 2011 China's luxury fast train debuts Mon, Jun 27 2011 News Corp close to selling Myspace: source Tweet Share this Email Print Related News GSV takes stake in Facebook, valuing it at $70 billion Mon, Jun 27 2011 Hulu weighs sale options after approach: source Wed, Jun 22 2011 Social network sites fail to protect minors: EU report Tue, Jun 21 2011 Wall Street loses appeal on "hot news" lawsuit Mon, Jun 20 2011 Facebook may be good for friendships, politics Thu, Jun 16 2011 Analysis & Opinion Entrepreneur Peter Yared: Social is â€œso overâ€ Tech wrap: New iPhone seen in time for school Related Topics Technology » Deals » 2011 Q2 » Global Deals Review - Parent folder » Inflows Outflows » Media » NEW YORK | Tue Jun 28, 2011 2:28pm EDT NEW YORK (Reuters) - News Corp is expected to sell the troubled social media site Myspace in the next two days, according to a source familiar with the situation. Two front-runners have emerged in the auction process: online ad company Specific Media and private equity firm Golden Gate Capital, the source said. A representative for Specific Media could not be reached for comment. Golden Gate Capital declined to comment. The deal is likely to be a mix of cash and stock for less than $100 million. While Specific Media and Golden Gate Capital are close contenders, other bidders are involved in the process including Myspace co-founder Chris DeWolfe in a partnership with Austin Ventures; Criterion Capital Partners, which bought social media site Bebo from AOL; and Activision Blizzard Chief Executive Officer Bobby Kotick, according to the source. Additionally, more than 50 percent of Myspace's 500-strong workforce is expected to be laid off because of the sale. The deal is expected to be sealed on the heels of the Sun Valley conference, the annual gathering at an Idaho resort of media and technology moguls, as well as a host of other U.S. and international luminaries. News Corp paid $580 million in 2005 for Myspace -- once a pioneer of the social networking space -- but soon lost ground to Facebook, now the world's No. 1 social networking site. Last year, News Corp relaunched Myspace as a social entertainment site with a focus on music, movies and celebrities. The news of the front runner and timing was first reported by News Corp-owned AllThingsD. (Reporting by Jennifer Saba and Megan Davies. Editing by Robert MacMillan) Technology Deals 2011 Q2 Global Deals Review - Parent folder Inflows Outflows Media Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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