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News Corp Set To Sell MySpace

Despite having recorded a two-fold jump in the second quarter earnings from a year ago, News Corp. seems to be in no mood to carry the load of MySpace. Confirming what has been under speculation from a very long time, the company said on Wednesday that it was in search of a "new owner" for the social networking site, which has taken many avatars over the past few years. For the quarter, which ended December 31, News Corp.'s net income rose to $642 million, or 24 cents a share, from the year-ago income of $254 million, or 10 cents a share. The surge has been attributed to the jump in advertising revenue at its Fox Television stations and cable networks. Revenue for the quarter was at to $8.76 billion, up just 1 percent.