It looks like there’s some more news about News Corp.’s plans to sell MySpace if it can’t come up with a feasible strategy for its restructuring. According to News Corp. CEO Chase Carey, the way for MySpace “to reach its full potential” is to hand it over to new ownership at this point, which I think can safely be interpreted by anyone who has witnessed the social media site’s fall in popularity since the advent of Facebook as the parent company’s impatience to get MySpace off its hands.

News Corp. may know that the site can still be saved if the right strategy is implemented, but as MySpace’s former CEO Owen Van Natta stated back in October of 2009, MySpace stopped innovating and that’s how it got into trouble. Too late, apparently, he took the site in a new direction to become the “it” place for musicians and entertainment.

At that point, MySpace had already killed its forward momentum. So like a train trying to pick up again after a dead halt, it’s already been so outpaced by competitors Facebook and Twitter, that it can never catch up in the amount of time necessary to justify its current losses. You can only layoff so many people before you’re not a company anymore.

I don’t want to make any predictions at this point, but it’s unlikely that MySpace will recover from its downward trend. Like I said in an earlier post, it might be time for a complete rebranding strategy. The name MySpace seems to have run its course.