Cyworld, a social networking site based in South Korea, is planning to target teens in the United States and compete with News Corp.'s successful MySpace.com, reports the Financial Times online.

Cyworld is hoping to attract an online audience that may belong to two to four social networking sites.

Michael Streefland, director of marketing for Cyworld, told FT.com, "There is a site for the real you, a rite of passage site that you would join during a particular phase of your life, and the fun, hot, new trend site."

Second to MySpace.com in social networking is Facebook.com. In October, there were speculated talks whether Yahoo! Inc. would purchase the site but the deal has not moved forward.

For more insights, read Social Networking 101.