MySpace to Shed Workers
MySpace to Shed Workers
A report in the Wall Street Journal indicated that the former king of social networking sites, MySpace, is preparing to announce a major round of layoffs, possibly as soon as this month. The site currently has around 1,100 employees, but the story didn't say how many workers would be cut.
Julia Boorstin, a reporter for CNBC, has speculated the site would cut as much as 50 percent of its workforce. Requests for comment from MySpace officials have so far gone unanswered.
The MySpace website was recently overhauled in an attempt to emphasize the discovery of various entertainment content like music and games. The site also renewed a search deal with Google, but at a lower guaranteed price.
At a recent conference call of MySpace's parent company, News Corp., COO Chase Carey indicated that MySpace had quarters, rather than years, to turn things around. Carey hinted that MySpace could be put up for sale if it didn't start to turn a profit soon.
A report in the Wall Street Journal indicated that the former king of social networking sites, MySpace, is preparing to announce a major round of layoffs, possibly as soon as this month. The site currently has around 1,100 employees, but the story didn't say how many workers would be cut.
Julia Boorstin, a reporter for CNBC, has speculated the site would cut as much as 50 percent of its workforce. Requests for comment from MySpace officials have so far gone unanswered.
The MySpace website was recently overhauled in an attempt to emphasize the discovery of various entertainment content like music and games. The site also renewed a search deal with Google, but at a lower guaranteed price.
At a recent conference call of MySpace's parent company, News Corp., COO Chase Carey indicated that MySpace had quarters, rather than years, to turn things around. Carey hinted that MySpace could be put up for sale if it didn't start to turn a profit soon.
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