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MySpace to Lay Off 50% of Workers, on Track to Sell by Mid-Year
Date: Tuesday, January 04, 2011 @ 21:03:01 UTC

Sources confirm that the company plans to lay off 50% of MySpace's 1,100 employees in mid-January. But the company is likely to do many more layoffs than that. Sources close to negotiations of a sale say those layoffs will be insufficient to lure potential buyers - and many more layoffs would be necessary to demonstrate to investors that the company's on a path to profitability. But with layoffs and talks underway, News Corp is on track to complete a sale of MySpace by mid-year. Complete Article







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