Yahoo!'s Spinoff; Impending Myspace Sale

NEW YORK ( TheStreet) -- Yahoo! ( YHOO) on Tuesday said it is creating a separate company called Hortonworks to provide support and service for users of its open source Hadoop software. Yahoo! is working with venture firm Benchmark Capital on the spinoff. Hadoop is technology that allows organizations more efficiently store and process big amounts of data and is used by companies like Facebook and eBay ( EBAY).

Shares of Yahoo! rose 0.7% in pre-market trading on Wednesday.

News Corp ( NWSA) is nearing a deal with ad targeting firm Specific Media to buy struggling social network Myspace, according to the Wall Street Journal. The deal may be valued at around $30 million to $40 million, with News Corp keeping a small stake in the company.

Social gaming company Zynga is expected to file an initial public offering as soon as Wednesday, according to reports. Zynga may be valued at as much as $20 billion, the biggest offering yet from a social media company. The name behind popular games like FarmVille and Words With Friends, Zynga generates most of its revenue through the sale of virtual goods.

RockMelt, a social media browser, said Tuesday it has raised $30 million in venture funding from Accel Partners and Kholsa Ventures. Accel's Jim Breyer, who helped make one of the first investments in Facebook, will join the RockMelt board as an observer. RockMelt, which integrates social networking services like Facebook and Twitter within its browser, has raised a total of $40 million in funding.

Mobile payments company Square, which allows small businesses without credit card readers to accept payments using only a mobile phone, closed a $100 million venture round valuing the company at $1 billion. Former tech analyst Mary Meeker, now a venture partner at Kleiner Perkins Caufield & Byers, will join the company's board. Square, only eight months old, was founded by Twitter creator Jack Dorsey.

--Written by Olivia Oran in New York.

>To follow the writer on Twitter, go to http://twitter.com/Ozoran.

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