NEW YORK ( TheStreet) -- News Corp. ( NWS) 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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