According to a Wall Street Journal report, massive layoffs are planned for Myspace.  Multiple sources report that as much as 50% of the struggling social network's current 1,100-person workforce could be axed.

"We've been clear that Myspace is a problem," News Corp. chief operating officer Chase Carey said in a conference call. "Current losses are not acceptable or sustainable...We judge in quarters, not in years."

In October 2010, Myspace  unveiled a new site design and focus as an "entertainment hub," having conceded to Facebook with regard to "social."

News Corp. acquired Myspace in 2005 for $580 million. Since then, it has struggled to remain relevant in the face of Facebook's soaring popularity, and has undergone several rounds of management changes. Myspace had 54.4 million unique U.S. visitors in November, down 15% from a year ago, according to comScore. Ad spending on Myspace was expected to decline 37% last year to $347 million, according to research firm eMarketer.