Friendster Hires Banker, Exploring Sale: Report

So says News.com…troubled social networking site Friendster has hired Montgomery & Co., a boutique investment banking firm in Santa Monica, Calif., to find a buyer.

Earlier this year, Friendster was shopping for a buyer, and according to the story, it was looking for a sale price in the ballpark of $200 million. Now its price has been lowered to the range of $50 million to $100 million.

If my calculations are correct, Friendster has about $11 million pumped into it and could be as high as $15 million.

Related:

Restructuring At Friendster

Turning Up The B-Detector on Friendster

Fox Promotes Stacked on Friendster Blogs

Industry Moves: Friendster Hires Former NBC Exec as CEO; Declares Media Ambitions

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