MySpace CEO confirms heavy layoffs

From CNET News.com: MySpace CEO Mike Jones announced Tuesday a "significant organizational restructuring that will result in a 47 percent staff reduction across all divisions globally and impact about 500 employees, confirming many rumors that the News Corp.-owned social network would be going through heavy layoffs before possibly seeking a new buyer.

"Today's tough but necessary changes were taken in order to provide the company with a clear path for sustained growth and profitability," Jones said of the recently-redesigned MySpace. "These changes were purely driven by issues related to our legacy business, and in no way reflect the performance of the new product."

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