MySpace CEO Mike Jones sent an email to his staff of 400 today to announce the sale of the company to Specific Media. In the letter, Jones acknowledged that staff cuts would be deeper that expected (sources say well over 50%) and that he would be leaving the company within two months.
Full Text Of CEO Mike Jones' Email To MySpace Staff:
From: Mike Jones
Sent: Wednesday, June 29, 2011 11:26 AM
To: Myspace All
Subject: IMPORTANT COMPANY NEWS
Today, we are announcing that Myspace will be acquired by Specific Media, one of the world’s leading online media and advertising platforms. Over the next few days you will be hearing from the team at Specific, including their CEO, Tim Vanderhook, regarding their exciting plans for Myspace and how it fits in with the overall vision of their company.
In conjunction with the deal, we are conducting a series of restructuring initiatives, including a significant reduction in our workforce. I will assist Specific with the transition over the next two months before departing my role as Myspace CEO.
I wanted to take a minute to thank you all for the incredible experience it has been to lead this company and to work closely with all of you over the past several years. While I regret we won’t be working together at Myspace any longer, I am very proud of the work we have done here and believe we have performed with excellence – even under extremely difficult circumstances.
My time here at Myspace represents the most engaging and challenging time of my professional career. I have found our team to be comprised of the best people I have come across in our industry.
You can read the press release below. Once again, thank you for all of your hard work and dedication.
Read the official sale press release here.