MySpace Staff To Be Cut In Half, Sale Expected

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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.

MySpace’s ad revenue fell by over 30% in 2010, with traffic falling 15% in November 2010 compared with the same period in 2009. Sources differ as to whether News Corp. is already in talks with prospective buyers, but a sale is expected by the middle of the year or sooner.

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