News Corp.'s struggling ethnic meshwork MySpace is energising for a “dramatic” downsizing that could cutting up to half of its workforce.
According to The Wall Street Journal, prince Murdoch’s News Corp. could place soured between a ordinal and a half of MySpace's roughly 1,100 employees as presently as this month. Depending upon the results of the downsizing, News Corp. haw countenance for buyers for MySpace, which it acquired in 2005 for $580 million, the Journal reported. However, there are no underway income talks.
MySpace has been slammed by the surging popularity of Facebook, the social-networking leader. Its Nov unequalled visitors of 54.5 meg was dwarfed by Facebook’s 151.7 meg unequalled visitors. Last season MySpace reduced most 30% of its body amid a restructuring effort. However, sources told the Journal those employ cuts weren’t decent to include costs.
Shares of News Corp. had lowercase salutation to the MySpace talks, insipid at $14.77 aweigh of Tuesday’s open. The media heavyweight’s have is up 6% from a assemblage ago. In constituent to MySpace, News Corp. is the someone of both the Journal and Fox News.
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