MySpace plans to layoff 550 to 600 employees tomorrow, as reported by All Things D. This would be over half of the struggling social network’s remaining headcount of 1000. The deepest cuts are expected to come from MySpace’s international offices. The layoffs will be part of a MySpace restructuring designed to drop legacy businesses and products. After the layoffs are complete, News Corp will begin attempting to find a buyer for its MySpace unit.
News Corp intends to sell MySpace to either a private equity buyer or possibly Yahoo. The layoffs shouldn’t come as a surprise, following a year that saw major MySpace executives begin bleeding away from the company. MySpace brought Sean Ryan to the company to help boost social gaming at the company only to see him depart for a similar role at Facebook within six months. Waves of former MySpace executives are also turning up at social game developer Zynga.
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