MySpace Lays Off Half its Employees

More than 500 employees have been laid off by MySpace, which is about 47 percent of the social-networking site’s international workforce. The move is reported to be part of a corporate-wide reorganization that will involve partnering with companies in the UK, Australia and Germany to manage content and advertising sales.

This is the second round of layoffs made by Myspace, the first being in 2009. The website has redesigned itself since then and relaunched in late 2010 as a hot spot for entertainment news. In a recent statement, MySpace CEO Mike Jones said, “These changes were purely driven by issues related to our legacy business, and in no way reflect the performance of the new product.”

Got news tips for Paste? Email news@pastemagazine.com.