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News Corp.’s MySpace Cuts Staff by 47% to Pare Losses

Andy Fixmer and Sarah Rabil

MySpace is cutting 47 percent of its staff amid reports that owner News Corp. is preparing the social-networking website for a possible sale.

MySpace is firing about 500 employees in a broad restructuring across all of its operations, according to an e-mailed statement from the Beverly Hills, California-based website today. MySpace will enter into local partnerships in the UK, Germany and Australia to manage advertising and content.