11 January 2011
Last updated at 13:03 ET
Struggling MySpace is cutting almost half of its global workforce.
The social networking website is getting rid of 500 positions, or 47% of its employees.
The announcement comes as MySpace continues to be eclipsed by Facebook, and as it tries to reinvent itself as an entertainment website.
MySpace was bought by Rupert Murdoch's News Corporation for $580m (�372m) in 2005, but it has struggled to make money for its parent company.
Mike Jones, MySpace's chief executive, said the job cuts were "tough but necessary", and had been taken to put the website on the path towards growth and profitability.
He added: "These changes were purely driven by issues related to our legacy business, and in no way reflect the performance of the new product."
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