TECH
06/28/2011 09:21 am ET Updated Aug 28, 2011

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.