MySpace eyes major staff cuts

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MySpace eyes major staff cuts

Post by NewsOnline on Tue Jan 04, 2011 3:52 am

MySpace eyes major staff cuts

Tue Jan 4, 2011 2:24am EST

NEW YORK (Hollywood Reporter) - MySpace is preparing to unveil a major round of layoffs as early as this month in its latest restructuring step, the Wall Street Journal reported Monday.

The social-networking site has roughly 1,100 employees, but the report didn't detail the amount of likely job cuts. Both MySpace and the Wall Street Journal are owned by Rupert Murdoch's News Corp.

CNBC reporter Julia Boorstin said the network is eyeing cuts of around 50% of its workforce. A MySpace spokeswoman wouldn't comment.

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