News Corp has tapped Allen & Co to field buyout interest for MySpace and has heard from about 50 parties, people familiar with the process told Reuters on Friday.

The global media conglomerate is considering a handful of options for the future of MySpace, the once-hot Internet social network that has fallen far behind faster moving rival Facebook.

One source close to the process said an auction for MySpace has not started yet.

(Reporting by Jennifer Saba and Kenneth Li; Editing by Tim Dobbyn)