The sale of Myspace is just one more nail in the coffin for the once-reigning social network. Myspace is all set to be sold by parent company News Corp at a tenth of the price for which it was bought. As if things couldn’t be worse for the site, News Corp is also rumored to lay off 150 Myspace staffers—almost a 50-percent staff cut—before the transaction takes place.

The bidders for Myspace are Specific Media, a digital ad company, and Golden Gate Capital, an equity firm. The companies are said to be bidding in the 20- to 30-million-dollar range. Such a figure is an 83-percent drop from the asking price, an embarrassment for News Corp, which just last month announced it would not accept under 100 million. Both bidders aren’t interested in the social networking aspect of the site—and neither is anyone else for that matter. Instead, they’re interested in focusing Myspace completely on music. This could pose a problem for the potential buyer: Music licensing deals usually don’t transfer with a typical sale. However, since labels own a percentage of Myspace Music the rights could (and probably will) be negotiated.

Myspace may have outlived its usefulness as a social network, but it’s still a go-to site for streaming new music. If a new set of developers can clean up the site’s interface and take some cues from SoundCloud and, Myspace could see a rejuvenation in the next few years. The sale and layoffs are likely to take place before Thursday, which marks the end of News Corp’s fiscal year.