MySpace Layoffs to Affect 30% of Workers

Major cuts have come to MySpace in the form of a 30% reduction in its workforce. The layoffs come after upheaval at Fox Interactive Media, a division of News Corp. Fox Interactive Media as a whole announced a 5% workforce in January.

In March, former AOL CEO Jonathan Miller was tapped to run News Corp's digital unit. A month later, a former Facebook exec Owen Van Netta was appointed CEO of MySpace.

MySpace has been struggling to bring in revenue as Facebook and Twitter have become the hot social networks of the moment. Of course, it wasn't too long ago when MySpace took the reins from Friendster.