News Corp. said Wednesday it was exploring a sale or other “strategic options” for Myspace, the ailing Beverly Hills-based social network that has been eclipsed by Facebook.

“We recognize that the plan to allow Myspace to reach its full potential may be best developed under a new ownership structure and we’re evaluating those strategic alternatives,” News Corp. chief operating officer Chase Carey said during a second-quarter earnings conference call.

MySpace had a loss of $156 million in the second quarter, $31 million worse than last year. The results, due to lower search and ad revenue, were worse than company expectations. Carey said there was an “early window” on a decision for what to do with Myspace, purchased for $580 million in 2005 by Rupert Murdoch’s conglomerate.

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