News Corp slashes MySpace payroll in half

Struggling social network site MySpace is to lay off close to half its staff as its News Corp parent seeks to refocus the former darling of social networking toward entertainment in advance of its sale.

Approximately 500 employees will be affected by the move, 47% of the sites workforce, following weeks of speculation.

News Corp are keen to reduce losses at MySpace in order to boost its attractiveness to potential buyers, including Yahoo according to rumours.

No date has yet been set for a sale but NewsCorp is said to have told investors that the site has quarters not years to turn itself around.

MySpace has lost ground to Facebook in recent years, dipping to around 60m visitors a month whilst the former has risen to reach 150m every month.

In the UK MySpace is to work with Fox Networks to manage advertising sales and content, part of a strategy to focus on music, movies and entertainment for people 35 years and younger.

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