MySpace confirms 500 job cuts

MySpace has confirmed that half its 1,000 workforce will be cut as UK advertising and sponsorship sales are handed over to sister News Corporation company Fox Networks, the online division of Fox International Channels.

The website’s London office is expected to be badly affected, according to MediaGuardian, as “47 per cent of all staff globally are cut”.

MySpace chief executive Mike Jones said the “tough but necessary changes” would provide the company “with a clear path to sustained growth and profitability”.

Jones insisted the move did not reflect the performance of the “new MySpace”, referring to the operation’s most recent relaunch in October, but was “purely driven by issues relating to our legacy business”.

“While it’s still early days, the new MySpace is trending positively and the good news is we have already seen an uptake in returning and new users.”

News Corp bought MySpace for $580m (£360m) in 2005 when it was regarded as the seminal social networking site – but it has since fallen way behind the likes of Facebook and Twitter and though it has repositioned itself as a “social entertainment site”, its parent company is said to be “losing patience” with the operation.

(Source: MediaGuardian)

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