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Digital
MySpace cuts expected today
By CMU Editorial | Published on Tuesday 11 January 2011
Those major job cuts at MySpace are expected to be announced later today, with the London office likely to be left with just a skeleton staff.
As previously reported, rumours that News Corp-owned MySpace could shed up to half of its workforce began circulating online over the Christmas break. The one time king of social networking has been struggling for some time as both web traffic and ad revenues slump, with Facebook and Twitter now dominating in what was MySpace’s traditional territory. Attempts to reposition as an music and entertainment sharing portal have not, as yet, really delivered.
As also previously reported, there has been increasing speculation that Rupert Murdoch’s News Corp is hoping to sell its flagging web business, and some reckon the axing of half of the firm’s 1100 staff may be designed to make the company more attractive to potential buyers.
According to reports, the cuts will be confirmed today, at 5pm London time. Ahead of that announcement, it emerged yesterday that MySpace’s VP of Commerical, Simon Daglish, has already jumped ship to ITV.
