News Corp. has now made it official that they now plan to MySpace. COO Chase Carey has asserted that he thinks that it was perhaps the right time to sell it and give this social network a new owner.

At a companywide meeting on Wednesday, MySpace CEO Mike Jones announced that the social network's parent-company, News Corp, was exploring strategic options - including a spin-off or a sale - for the site.

On Tuesday, social networking site MySpace said that that the across-the-board restructuring that the company is planning - a move that will witness the company cutting 500 jobs - essentially marks its efforts to create a "much tighter focus."

On Thursday, MySpace announced its new "Mashup with Facebook" feature, which will allow MySpace to use Facebook Connect across its site. The move will effectively end years-long scuffle for dominance between the two social networking companies.

In a move to streamline its site after years of cluttering its pages with distracting ads and features, MySpace announced a revamp of the site on October 27, shifting focus from people’s profiles and friends to the hottest trends in entertainment.

The latest move of MySpace is to present itself as "a social entertainment destination for Gen Y."

A report by Mashable reveals that the latest MySpace stresses upon associating self with celebrities music, videos, TV shows, movies and games which totally is different for friend and peers.

Acknowledging that it shares users’ identifying information with advertisers, social networking site MySpace said on Saturday that it is taking action against app developers who possibly violated the site’s terms of use by sharing users’ profile information.

To compete for making its position secure with tougher competition in trend of social networking sites, Rupert Murdoch's MySpace is trying to play it safe and smart with its competitors.

A revelatory document procured by the Electronic Frontier Foundation shows that Federal Agents have been accessing social networking sites like Facebook, Twitter, MySpace and LinkedIn to obtain information that can assist in fighting crime.

With Google’s new social networking site Buzz, and Facebook and Twitter already marching ahead, MySpace is all set to carve a niche for itself. A new look is being given to the micro-blogging site with a new mantra, "Discover and be discovered".