Cryspace: Myspace Confirms Speculation of Some 500 Layoffs
Myspace’s October launch of a redesigned Web site and shifting of its focus to entertainment apparently wasn’t entertaining enough in the handful of weeks since it went live, as the News Corp.-owned social-networking site confirmed speculation that it would lay off 500 employees, or roughly one-half of its staff.
While News Corp. claims that it the moves were made “in order to provide the company with a clear path for sustained growth and profitability,” they could also be interpreted as making Myspace leaner in hopes of a potential sale.
The
WORK SMARTER - LEARN, GROW AND BE INSPIRED.
Subscribe today!
To Read the Full Story Become an Adweek+ Subscriber
Already a member? Sign in