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MySpace Lays Off 47% of Employees

Posted by timothy on from the well-of-their-own-employees dept.

tgtanman writes "CNN reports that MySpace has announced that it has laid off 500 employees, 47% of its total staff. From the article: 'MySpace's management kept most of the site's developers but gutted nearly every other job role, according to a staffer who survived the cuts ... "Today's tough but necessary changes were taken in order to provide the company with a clear path for sustained growth and profitability," CEO Mike Jones said in a written statement. "These changes were purely driven by issues related to our legacy business, and in no way reflect the performance of the new product."'"

1 of 206 comments (clear)

  1. Re:How's that working out, Rupert? by Anonymous Coward · · Score: 5, Informative

    Good going Murdoch. I hope the rest of your investments do as well

    According to Reuters he did did pretty well:

    Initially, the deal paid for itself after Google Inc inked a three-year $900 million search advertising deal in 2006.