News Corp has commenced the process of selling off social networking site MySpace, the company it acquired in 2005 for US$580m. The floundering site is expected to be of interest to private equity firms who may turn it around.As evinced by the saga of Bebo which was bought by AOL for US$850m and then sold to venture firm Criterion Capital Partners for a sum believed to be less than US$10m, social networking firms don’t seem to do very well if they’re bought by media companies of any tradition.