Ad firm eyes Myspace buy -

As everyone's been whispering, that doomed social not-work Myspace could be nearing a sale.

According to the Wall Street Journal's sources, the leading bidder is an advertising company - Specific Media. Specific Media, the WSJ says, has raised over $110 million in funding since 2007.

We guess the most valuable assets on Myspace lie in, as with Facebook, user-submitted information about what they're into. Harvesting pages for ad leads makes sense. It's hard to see how any amount of money could turn around the service's brand.

Indeed, someone has told the WSJ that Myspace would be turned into a media company which sells its own advertising space instead of flogging space for third parties. 

Others in the running include Golden Gate Capital, which the WSJ claims has been "in advanced discussions" with News Corp.

While MySpace has been trailling in social media for years - usurped most clearly and easily by Facebook's gradual influence and dominance - the price tag won't be a bargain. 

Bloomberg thinks Specific Media is the top runner for the sale, too. Its sources believe the final bid will be roughly $35 million in cash and stock. Some reports have suggested the sale will go through today, others think it could go under the hammer as soon as Thursday.