News Corp.'s MySpace.com says that it plans to solicit bids for a partner to provide its online social network with search-based advertising.
MySpace plans to solicit bids from the top three internet companies: Microsoft Corp., Google, Inc. and Yahoo! Inc.
Currently MySpace says 80 percent of its sales come from remnant sales or bulk sales of unused ad space. Twenty percent of the total sales come from display ads. MySpace has about 85 million members but the company says they have not fully exploited the advertising sales opportunities.
"We've just scratched the surface of how to monetize it," says News Corp. Chief Operating Officer Peter Chernin.
News Corp. purchased MySpace last year for about $580 million.
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