MySpace

just got a little more space in the office.

The company's new CEO, former

Facebook

executive Owen Van Netta, is making one of his first moves to put the site on the fast track toward efficiency. The social networking site, owned by

News Corp.

(NWSA) - Get Report

, slashed its staff by about 30% on Tuesday.

The move brings staffing levels at MySpace in line with those at Facebook. "Simply put, our staffing levels were bloated and hindered our ability to be an efficient and nimble team-oriented company," Van Natta said in a statement.

About 420 jobs will be eliminated, bringing MySpace's total U.S. staff to 1,000. Facebook had about 850 employees worldwide in May.

Under the stewardship of Van Netta, who was hired less than two months ago, MySpace is restructuring across all of its U.S. divisions. Van Netta replaces co-founder Chris DeWolfe, who left the company in April.

Co-founder Tom Anderson is also looking to move away from his day-to-day responsibilities and take a more creative role.

On Monday comScore, a data tracking firm, said Facebook has surpassed MySpace in monthly U.S. first-time visitors. MySpace's user base remains relatively steady at about 125 million worldwide users, while Facebook usage has nearly doubled to more than 200 million in less than a year.

And while MySpace, is still generating more revenue, according to eMarketer, an Internet research firm, revenue is supposed to shrink next year, while Facebook's is expected to grow.

Last year MySpace picked up about $605 million, compared with $250 million for Facebook.

MySpace's ad revenue in the last quarter fell 16%, according to News Corp. News Corp.'s "other" division, which operates MySpace, recorded a loss of $89 million, far from the $7 million loss posted in the year prior.

Shares of News Corp. jumped 3% to $9.69 in after-market trading.

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