MySpace Layoffs: Nearly Half Of Employees Could Be Let Go

Once a social networking behemoth, News Corp.-owned MySpace’s rapid descent up against competition like Facebook and Twitter may soon lead to mass layoffs.The Wall Street Journal, itself operated by a division of News Corp., reported today t…

Once a social networking behemoth, News Corp.-owned MySpace’s rapid descent up against competition like Facebook and Twitter may soon lead to mass layoffs.

The Wall Street Journal, itself operated by a division of News Corp., reported today that MySpace is preparing “a dramatic downsizing of its business.” Someone familiar with the matter told WSJ that a third to a half of its 1,100 employees could be let go and another source said the layoffs could be officially announced as soon as this month.

Rumblings of MySpace layoffs were first reported by All Things Digital, also News Corp.-operated, on New Year’s Eve, just days ago.

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