MySpace to let go 550 to 600 of its staff

10 Jan 2011

MySpace is to let go 550 to 600 of its 1,000 strong workforce tomorrow, in a bid to restructure the ailing social media hub, reports say.

According to NetworkEffect, the News Corp-owned company is finalising the number of people it plans to let go, which may include a large number of international employees.

MySpace already laid off hundreds of its employees in the summer of 2010 and is set to cut its staff by more than half tomorrow.

News Corp may also sell the company once the layoffs have been complete. It is being touted to private-equity buyers and one possibility includes Yahoo!

The social media hub has been under a lot of pressure to compete with other social giants, such as Facebook.

News Corp previously said MySpace has quarters, as opposed to years, to turn its luck around.