Business

Myspace staff to be cut in half, more layoffs and sale expected

Laura Donovan Contributor

MySpace could use a few more friends of its own. The once-popular social networking site is not only likely to have a new owner by mid-year – or sooner, if News Corp. can find a buyer – but it’s also about to lose more than half of its current 1,100 employees before the end of the month.

CNBC reported yesterday that News Corp. is looking to layoff 50% of the company’s staff by mid-month, adding that “the company’s likely to do many more layoffs than that.” The news echoed an earlier report in the Wall Street Journal, which pointed out that the site had already laid off a third of its staff last summer in an attempt to make the company more profitable.

Full story: Myspace staff to be cut in half, sale expected