News Corp.’s MySpace is preparing to unveil a major round of layoffs as early as this month in its latest restructuring step, the Wall Street Journal, which is also owned by News Corp., reported Monday.
The social networking site has roughly 1,100 employees, but the report didn’t detail the amount of likely job cuts. CNBC’s Julia Boorstin reported that the network is eyeing cuts of around 50% of its workforce. A MySpace spokeswoman wouldn’t comment.
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