MySpace Cuts 30% of Staff - Broadcasting & Cable

MySpace Cuts 30% of Staff

Struggling social site issues 420 pink slips
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MySpace said Tuesday it is cutting nearly 30 percent of its work force in a bid to become more efficient, bringing its staffing level more in line with its more popular rival, Facebook.

The move comes less than two months after MySpace, a unit of Rupert Murdoch's News Corp., hired former Facebook executive Owen Van Natta, 39, as its new chief executive.

It also comes a day after data from tracking firm comScore show Facebook has caught up with MySpace in monthly U.S. visitors for the first time

Click here to read the full story at Variety.com