More Myspace Layoffs Expected This Week: Report

After laying off close to half its staff this January, Myspace will reportedly be continuing the cuts.

According to TechCrunch, the site will fire at least 150 of the 400 employees remaining, or about 37.5 percent of the staff. Another source added that an additional 150 employees would be put on a plan to work for pay for a short period of time while seeking new employment. The layoffs are said to be happening Wednesday.

Myspace's difficulties have been rapidly accelerating since the initial announcement of its staff cuts. Parent company News Corp has been actively looking for some buyer to take the ailing social network off its hands, though early reports that Myspace was in talks with such companies as Vevo and Zynga have changed to suggest that the company may have one bidder, an investment group led by Activision CEO Bobby Kotick.

Newscorp bought Myspace for $580 million in 2005, but is expected to ask for around $100 million in the upcoming sale. In the wake of Facebook's rise, Myspace has been losing users at an increasing rate.

Comments

[WasteNJ]

03:28 PM on 06/28/2011

MySpace is still in business? Classic case of evolve, or become extinct.

[Gary Storch]

01:21 PM on 06/28/2011

Ahh Rupert, if we could only get rid of Faux Noise as easy as we get rid of "my Space", the world would be better off.

[Amigwyn]

12:59 PM on 06/28/2011

I have an old MySpace account and got an e-mail from some long lost, computer illiterate friend so I jumped on to say Hi and that I don't use that site anymore. Imagine my shock when I saw that MySpace had Facebook LIKE buttons all over it. It just seems to be a joke now. I can't imagine it even selling for $100 mil. Then again, if I had any business sense I would have founded Facebook...

[ls1z28chris]

12:48 PM on 06/28/2011

400 people still work for myspace? I doubt they have that many daily users.

[LightShadow62]

12:16 PM on 06/28/2011

This is the nature of fads. They come when they are all the buzz, then fade when the next fad takes hold. The same fate awaits Twitter and Facebook.

[nerdkill]

12:00 PM on 06/28/2011

Ugh... put it out of its miserly already so a real competitor to facebook can stand up. Preferably a company that values privacy rights.

[darkwaterwoman]

11:56 AM on 06/28/2011

These people should take heed to the handwriting on the and try to find other work and leave before they are fired, which is coming. Easier said than done, I know, but to wait for the other shoe to drop and then have to scramble would be worse. No hope that this company will thrive in the current environment.

[abuckley23]

11:51 AM on 06/28/2011

There is zero chance of myspace making a comeback. It's time has passed. Bury it next to Jim Morrison.

[Shawn Wolfe]

10:30 AM on 06/28/2011

I think this comes no suprise to anyone working at Myspace.. Seriously if you are working there still you are just stealing office supplies and surfing porn all day.. Titanic passengers prolly had more hope than Myspace employees

[French Toast]

10:29 AM on 06/28/2011

I'll give you a hundo for it.

[santonws4us]

09:58 AM on 06/28/2011

Another source added that an additional 150 employees would be put on a plan to work for pay for a short period of time while seeking new employment. Full Report view at : http://bit.ly/iAin9h

[Angie Tyne 1]

06:06 PM on 06/28/2011

Spam

[shyles25]

09:56 AM on 06/28/2011

Just shut Myspace down. It had its run but now it's over. Letting money hungry Bobby Kotick buy it would be a stupid decision. All it would turn into would be MyCallofDutySpace.com and still no one would use it. :p