Van Natta Cuts Jobs at MySpace

News Corp. made it official on June 16 that MySpace's days as a highflier are over, at least for now. Just five weeks after naming former Facebook finance chief Owen Van Natta CEO of the social network, News Corp. (NWS) said it's cutting about 400 jobs. In doing away with 30% of his staff, Van Natta was none too charitable. "Simply put, our staffing levels were bloated and hindered our ability to be an efficient and nimble team-oriented company," the executive said in a statement.

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