The company will axe from 550 to 600 of its 1,000 employees, said the report, which added that the spin on the layoffs will be "shedding legacy products" and restructuring. Following that, News Corp. will attempt to sell the site, for which it paid some $580 million for in 2005. Currently, it's looking at private equity firms, but Yahoo! has also been mentioned as a suitor, although Yahoo! isn't exactly doing great on its own, right now.
It's clear that MySpace is, if not on its last legs, heading there. The Sync with Facebook feature that was unveiled in August, as well as the Mashup with Facebook feature from November, were probably embarrassing for a company that once dwarfed the now dominant social networking site.
Update: MySpace laid off nearly half their workforce.
