MySpace to halve staff

MySpace, the social-networking site owned by News Corp, will lay off more than 500 employees this week, according to various reports, as the business continues a major strategic overhaul aimed at buoying its dismal financial performance. The layoffs will represent nearly half of the website’s staff.

Facebook has eclipsed MySpace, which News Corp acquired in 2005 for $580 million, and the company has struggled financially as its audience has shrunk. Facebook had nearly 154 million unique visitors in December, more than triple the number of visitors to MySpace, according to comScore.

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