Rupert Murdoch's MySpace is expected to lay off 50% of staff

[Newsjock]

Source: Los Angeles Times

Struggling social network MySpace is poised to lay off about half its staff, spurring speculation that it may be radically reducing overhead to prepare for a sale.

The News Corp.-owned site is expected to cut 50% of its 1,100 employees in mid-January, a person with knowledge of the matter confirmed. The reductions were first reported by the Wall Street Journal technology blog All Things Digital. The cuts are seen by some industry observers as a prelude to cuts necessary to restore the site to profitability and lure potential buyers.

A MySpace spokesperson declined to comment on the report.

The clock has been ticking for MySpace since October, when News Corp. Chief Operating Officer Chase Carey pronounced during an earnings call that the site's losses were not "acceptable or sustainable," and that a turnaround would need to be effected in months, not years.

Read more: http://latimesblogs.latimes.com/entertainmentnewsbuzz/2011/01/myspace-poised-for-massive-layoffs.html

[greyl]

1. MySpace had staff? nt

[stevenleser]

3. Apparently. They keep emailing me to come back.

:rofl:

[ingac70]

2. Poor Tom. n/t

[phasma ex machina]

4. I hate seeing people losing their jobs even more than I hate the Murdoch monster. nt

[glinda]

5. Imagine Rupie will sell and invest in Facebook should shares become available.