Final chapter in News Corp-MySpace saga near?

As a self-imposed deadline approaches, News Corp. is reportedly close to selling its struggling social network site MySpace at a fraction of the $580 million it originally paid in 2005.

The company hasn't selected from among several buyers yet, according to a person familiar with the matter. News Corp. is said to be interested in cutting a deal Wednesday or Thursday in order to have it completed this fiscal year, which ends Thursday. The person was not authorized to comment publicly and spoke on condition of anonymity.

At least three bidders are still in the running -- Specific Media, Golden Gate Capital and Austin Ventures. Earlier, the News Corp.-owned website All Things D reported that MySpace was on the verge of being sold for $20 million to $30 million. The person says the deal price will likely be much higher and include a combination of cash and stock.

When it came under the News Corp. corporate umbrella, MySpace was the world's fastest-growing social network. Of course, that was before Facebook got going in earnest. At the time of the deal, News Corp. described the acquisition as "a great opportunity" to combine MySpace "with our existing online assets to provide a richer experience for today's internet users." Needless to say, things haven't gone exactly according to plan.