MySpace CEO confirms 500 layoffs

By

Aussie cuts under wraps.

Mike Jones, chief of News Corp's ailing social networking site MySpace, on Tuesday confirmed it would cut 500 staff through a 47 percent headcount reduction across all its global divisions.

MySpace CEO confirms 500 layoffs

"Today's tough but necessary changes were taken in order to provide the company with a clear path for sustained growth and profitability," Jones said, according to statement posted by the Wrap.com.

"These changes were purely driven by issues related to our legacy business, and in no way reflect the performance of the new product."

It confirmed recent rumours that News Corp would slash MySpace headcount before possibly selling off the site, however today's announcement made no mention of a sale.

Jones was yet to reveal the fate for MySpace's Australian workers.

"Details about Australia and Germany are currently being finalised," he said.

"Myspace will retain a core, dedicated international team to work with partners in order to ensure users, content partners and advertisers continue to be served."

He said MySpace's UK advertising sales would be handled by FoxNews.

Got a news tip for our journalists? Share it with us anonymously here.
Copyright © iTnews.com.au . All rights reserved.
Tags:

Most Read Articles

Victoria Police renews decade-long IT support deal for another three years

Victoria Police renews decade-long IT support deal for another three years

Google offers new proposal to stave off EU antitrust fine

Google offers new proposal to stave off EU antitrust fine

Qld tables $1 billion for major whole-of-government tech overhaul

Qld tables $1 billion for major whole-of-government tech overhaul

NSW seeks to build unhackable netbook network

NSW seeks to build unhackable netbook network

Log In

  |  Forgot your password?