Let The Games Begin! MySpace Bidding Starts (NWSA)

The bidding for MySpace has started, writes Mashable, but not many are expecting News Corp. (NASDAQ: NWSA) to get their supposed $100 million asking price for the company.

When News Corp. last had an earnings call back in February, the company said it “recorded a $275 million pre-tax charge for the impairment of goodwill related to the Digital Media Group and an organizational restructuring at MySpace.”

According to a report from The Wall Street Journal, News Corp. wants at least $100 million for MySpace, which would be $480 million less than what it paid for it. Thomas H. Lee Partners, Redscout Ventures and Criterion Capital Partners LLC are expected to make bids for the social networking site.

At last check, shares of News Corp. were up 2 cents to $17.74.