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These are tough times for former social-networking giants.
Mike Jones, the CEO of MySpace, announced Tuesday that his company was poised to terminate almost half of its employees in a major restructuring effort, CNET reported.
"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 in a statement describing the forthcoming action. "These changes were purely driven by issues related to our legacy business, and in no way reflect the performance of the new product."
The move comes after earlier reports that Rupert Murdoch's News Corp., MySpace's current owner, may be getting ready to put the site up for sale.
While MySpace still boasts millions of users, the juggernauts known as Facebook and Twitter have siphoned away traffic numbers.
More coverage from Surge Desk:
Facebook and MySpace Announce Mashup Project
MySpace for Sale: Will News Corp. Cash In?
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MySpace: Now With 47 Percent Fewer Employees
Jan 11, 2011 – 1:02 PM
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