Rupert Murdoch is clipping the wings of News Corp.'s (NWS) once high-flying social networking site. Four years after paying $580 million for MySpace, with grand designs to make it the online distribution outlet for its TV shows, movies, and other content, News Corp. is slashing 30% of the site's staff, roughly 425 positions. Losses have mounted at MySpace as it aggressively expanded abroad and added such services as music streaming—and Facebook surpassed it this year as the top social networking site. At the same time, overall online advertising dropped 5% in the first quarter.
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