Myspace is implementing organizational restructuring which will results in around 47 percent staff reduction and decided to let go 500 employees around the world while cutting its international operation.
MySpace employs around 1,120 people in the US and around the world in London, Sydney and Berlin.
The UK based ofice employs only around 50 people and majority of them will be leaving the company, and the rest will be largely merged into Fox Networks, also a News Corporation-owned business, in a new partnership deal.
Fox Networks will take charge of all the UK sales and sponsorship sold across the UK arm of the site. Australia and Germany staff team are currently being finalized and expected to retain the core and dedicated international team to work with partners in order to ensure users, content partners and advertisers continue to be served.
Myspace is owned by News Corporation, and has been struggling to keep apace with Facebook for the last two years. Despite having made a major round of redundancies last year, more cost cutting has been needed to make up for its big financial losses. as MySpace lost around $100 million in the first quarter last year.