Myspace Mulls Layoffs: Report

Troubled social network Myspace is reportedly looking to lay off more than half its employees.
By Olivia Oran ,

NEW YORK (TheStreet) -- Myspace, the ailing social network, is reportedly mulling massive layoffs, according to AllThingsDigital.

More than 50% of Myspace's 1,100 employees could be impacted, the report said.

Myspace, owned by media conglomerate

News Corp

(NWSA) - Get Report

, recently redesigned its site and shifted its business towards media and entertainment to avoid competing with rival

Facebook

in the social networking space.

In November, the site announced that it would allow users to integrate their Facebook account information into their Myspace pages.

While Facebook has seen a rise in popularity in the last few years, Myspace has suffered from stagnant growth as traffic has dropped and top executives have departed.

News Corp is reportedly exploring strategic alternatives for Myspace, including a sale, according to widespread reports.

News Corp purchased Myspace in 2005 for $580 million.

--Written by Olivia Oran in New York.

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