An inside source at MySpace disclosed to news sources that over a third of its staff is to be cut in the coming days. At the same time, MySpace may be sold (there are currently 2 bidders) and News Corp is trying to get this deal done by Thursday (!) to make quarter end. News Corp wants $100 Million (really), but realistically, the bids will be much lower.
Stay tuned…! In other news…
Over 150 members of staff will be shed this week — according to these insider sources — although the timing has yet to be confirmed with a statement from the company, which is so far not saying anything.
This shouldn’t come as a surprise, with nearly half of its staff being let go earlier on this year. 
Though MySpace is not used by the very vast majority of the Generation Y nowadays, the memories of ‘once was’ will resonate through this entire demographic.
It is hard to think of a time without Facebook, but there was. MySpace filled that gap — with flashing animated GIFs as wallpapers and nothing but user generated content; without the need for definitive expression or linear articulation.
News Corporation acquired a sinking ship when it bought it in the first place. But the Generation Y have since said their short goodbyes to the network in favour of more business-oriented and structured sites — particularly Facebook and LinkedIn.
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