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.

The last year has seen a series of events taking place in the social network. These changes have ranged from aground-up redesign to complete repositioning as a media company instead of a social network. From renegotiation of its advertising deal with Google to a staff shuffling that saw more than one key executive relocating to a new venture.

In the very beginning of the year 2011, almost half of the staff of MySpace was handed over the pink slip. This had resulted in lowering the overhead. And in spite of all these it has been made very clear by News Corp. that the parent owner is not at all satisfied with the results.

The Company has said that the output has come out to be below their expectations and the revenue generated by ad’s too has come down.

Carey said “The new MySpace has been very well received by the market and we have some very encouraging metrics. But the plan to allow MySpace to reach its full potential may be best achieved under a new owner”.