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MySpace to Cut Staff in Half

MySpace to Cut Staff in Half - Myspace announced on Tuesday it was cutting some 500 jobs, nearly half its staff, in a move seen as potentially setting the stage for a sale of the social network owned by Rupert Murdoch's News Corp.

"Today's tough but necessary changes were taken in order to provide the company with a clear path for sustained growth and profitability," Myspace chief executive Mike Jones said in a statement.

"The new organizational structure will enable us to move more nimbly, develop products more quickly, and attain more flexibility on the financial side," Jones said.

MySpace to Cut Staff in Half

He said the restructuring would "result in a 47 percent staff reduction across all divisions globally and impact about 500 employees."

News Corp. bought Myspace for 580 million dollars in 2005 but it has been overtaken in recent years by Facebook, which has grown to more than 500 million members while Myspace's numbers have dwindled.

In November, News Corp. president and chief operating officer Chase Carey said the losses at the social network were "unsustainable."

With tens of millions of users, Carey said Myspace still "has the potential to be an exciting business for us" but "we need to make real headway in the coming quarters to get this business to a sustainable level."

MySpace to Cut Staff in Half
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