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 >To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: firstname.lastname@example.org.