MySpace Eyes Massive Layoffs As News Corp Looks For A Buyer

MySpace is considering massive layoffs that could cut as much as 50% of the struggling social network's 1100 person workforce according to a several sources. Parent company News Corp has been pushing MySpace to make this cuts for months even as it looks for ways to dump the division unless a miracle turnaround materializes.

Almost all of the MySpace staff were given the last week of December off to save money, according to CNet, as executives decide where permanent cuts should be made.

Whatever the size of the cuts, a sale seems inevitable. During News Corp's November's earnings call, News Corp COO Chase Carey told analysts that MySpace's "current losses are not acceptable or sustainable... We judge in quarters, not in years."