MySpace lays off nearly half its staff

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MySpace lays off nearly half its staff

Post by NewsOnline on Wed Jan 12, 2011 4:27 am

NEW YORK/SAN FRANCISCO | Tue Jan 11, 2011 2:18pm EST

(Reuters) - News Corp's MySpace is laying off nearly half its staff, setting the stage for a sale of the former Internet social networking leader as is it refocuses as an entertainment site.

The restructuring affects about 500 employees, or 47 percent of the company, and comes after weeks of speculation on technology blogs about the cuts.

People close to News Corp have said privately that the media giant is not involved in sales talks. However, shrinking MySpace's losses will be key in attempts to shop it to would-be buyers like private equity firms or even Yahoo Inc, according to some reports.

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