Myspace Music President Steps Down as Company Prepares for Possible March Sale

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It might be the beginning of the end for troubled social network site Myspace. As News Corp. allows potential buyers to look at the company’s books, Myspace Music president Courtney Holt has stepped down from his position after two years on the job.

Officially, Holt will stay with Myspace in an advisory position, and retains a place on the Myspace Music board, but he will not be immediately replaced as MSM president; instead, Myspace CEO Mike Jones will step in as interim president for an unspecified time, according to an internal memo on the situation.

These changes come as News Corp. prepares to open negotiations with prospective buyers in the second week of March by allowing them to look at the financial history of the company. According to the Hollywood Reporter, approximately 20 parties have shown interest in a purchase, the majority of those parties being private equity and/or venture capital firms.

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