11 January 2011 | Category: Online
The social networking website is cutting around 500 members of staff in an attempt to stabilize its business.
CEO Mike Jones said that "necessary changes were taken in order to provide the company with a clear path for sustained growth and profitability."
In the past two years MySpace has cut 1,200 jobs. Its advertising revenues have suffered, as its visitor traffic has decreased. In December MySpace had around 50 million unique visitors, while Facebook had around 150 million.
MySpace was purchased for $580m in 2005 by News Corp.