Nearly half a dozen private equity firms were expected to bid on former social networking powerhouse MySpace by April 29, various news outlets reported.

Groups considering the deal include Chinese Internet holding company Tencent, a group led by MySpace co-founder Chris De Wolfe, THL Partners, Redscout Ventures and Criterion Capital.

Rupert Murdoch’s News Corp. purchased the rights to MySpace for $580 million in 2005, but the pioneering networking site’s prominence soon faded as the popularity of Facebook exploded.

Last November, the company, once among the most popular sites on the Internet, revamped the site as a social destination for music, movies and entertainment, and absorbed rival music site Imeem.

Yet the revamped site failed to generate new audiences or entice one-time users to return. Its executives hope to sell the Los Angeles-based company for $100 million, according to Reuters.

Technology Web site TechCrunch reported that MySpace’s expected revenue for fiscal 2011 is just $109 million, with expenses projected to be $274 million.

According to information provided by MySpace to potential investors—information TechCrunch decried as optimistic—MySpace’s revenues are expected to decrease to $84 million next year but will be offset by a $205 million drop in expenses, most likely due to massive layoffs.

The company anticipates revenue to steadily rise in 2013, 2014 and 2015 to $101 million, $119 million and $139 million, respectively, according to the information.

MySpace currently loses 14 percent of its audience every month, TechCrunch calculated.