MySpace all set to have massive layoffs
January 5th, 2011 - 1:38 am ICT by Aishwarya BhattNew York, Jan 4 (THAINDIAN NEWS) Social networking site MySpace has announced that it will be laying off about half of its workforce. The move has generated speculations that the executives of the company are eventually planning to sell off the website.
The Wall Street Journal first hinted about the impending layoffs this year and a source close to the site has confirmed the impending action to the media. The layoff is expected to take place in mid-January.
MySpace has not been performing well financially. The parent company is NewsCorp and the Chief Operating Officer of the company, Chase Carey revealed that the losses of MySpace were unacceptable. As a result, Chase warned that the company’s fortune should have a turnaround as soon as possible to avoid the obvious.
In November, Chase was vague when he was asked what the company intends to do about the situation. He just told reporters that “There are opportunities here to do 20 things [with MySpace], but that doesn’t mean you’re going to do any of the 20. If there’s something there that makes sense you ought to think about it.”
The company has been losing advert revenue. This year’s figures show a decline of 26 percent when compared with that of last year.
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- News Corp sells MySpace for $35 mn - Jun 30, 2011
- MySpace Leaks User Data To Advertisers - Oct 25, 2010
- MySpace reveals that it has leaked some personal data to advertisers - Oct 25, 2010
- Facebook-addict crooks make it easier for US cops - Nov 22, 2010
- MySpace To Axe Half Of Its Staffs - Jan 12, 2011
- MySpace names Pink as best female artist - Oct 09, 2010
- Grim scenes as Blackberry cuts 2,000 jobs - Jul 26, 2011
- Social networking costs Britain 14 bn pounds in lost work time - Aug 06, 2010
- Will rivals do to Google what Facebook did to MySpace? - Jul 19, 2011
- Yahoo Inc Lays Off 600 Employees - Dec 15, 2010
- Justin Timberlake to promote MySpace - Jun 30, 2011
- Facebook is 'too dangerous', feels Peter Andre - Jun 28, 2010
- BlackBerry cuts 2,000 jobs - Jul 25, 2011
- Myspace Put "On Notice" By News Corp - Nov 05, 2010
Tags: advert, chase carey, chief operating officer, decline, fortune, layoff, losses, massive layoffs, myspace, parent company, social networking site, speculations, turnaround, wall street, wall street journal, workforce
