MySpace May Lay Off 50% Of Their 1,100 Employees

According to a source with AllThingsD, MySpace may lay off 50% of their 1,100 employees across the U.S. and internationally. Part of the reason for the lay-offs is because of pressure from News Corporation since the social network’s revenues and traffic has been on the decline. There is also a rumor that News Corp. Digital Media EVP of operations Jack Kennedy has been given the assignment to find a MySpace buyer.