MySpace To Lay Off About 550-600 Employees This Week

News Corporation social network subsidiary will be laying off about 550-600 people of their 1,000 person staff. The massive lay offs will be taking place on January 11th. A lot of the lay-offs will happen overseas too. After laying off the employees, News Corp. is planning to sell off the social network to another company. Rumor has it that private equity firms and Yahoo! have interest in buying MySpace. [AllThingsD]

This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at
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