MySpace lays off 47% staff

 MySpace is cutting 47 per cent 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 emailed statement from the Beverly Hills, California-based website. MySpace will enter into local partnerships in the UK, Germany and Australia to manage advertising and content.

Chief Executive Officer Mike Jones, charged with paring losses and rejuvenating business at MySpace, has retooled the site to focus on helping users discover music and videos, rather than connect with each other. Last month the site renewed an advertising pact with Google Inc, adding display advertising, after revenue fell short of News Corp projections.