NEW YORK (

TheStreet

) --

News Corp.

(NWS) - Get Report

has begun holding meetings toward a possible sale of social-networking site

MySpace

,

CNBC

reports.

According to

CNBC

, sources confirm that about 50% of MySpace's 1,100 employees will be let go in mid-January. More layoffs could be on the way since those layoffs would be insufficient to lure potential buyers, the sources told

CNBC

.

News Corp is on track to complete a sale of MySpace by mid-year,

CNBC

reports.

Potential buyers include social gaming company

Zynga

and private-equity firms such as Silver Lake Partners,

CNBC

reports.

-- Written by Joseph Woelfel

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Joseph Woelfel

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