Is News Corp. looking to gut MySpace prior to a potential sale?
That's a natural conclusion, given various reports that have surfaced, indicating MySpace is shortly planning to dismiss anywhere between a third and a half of its 1,100 employees. According to WSJ.com , the downsizing could happen this month.
The news that MySpace layoffs are imminent was first reported last week by AllThingsD.com .
MySpace has been scrambling to reinvent itself as a social entertainment hub after Facebook has left the site in the dust in the social networking race. MySpace underwent a redesign  last year and recently re-upped its search deal  with Google. But MySpace's revenue has slid, leading News Corp. executives to consider other options , including selling the site.