not myspace!

The latest step in Rupert Murdoch’s effort to turn around the fortunes of his digital businesses came Tuesday in the form of hefty layoffs at MySpace.

MySpace, the social networking site owned by News Corporation, the media conglomerate controlled by Mr. Murdoch, said it was laying off roughly 400 employees, or nearly 30 percent of its staff. After the layoffs, MySpace will have about 1,000 workers.

The company said the layoffs were an attempt to return to a “start-up culture.” (nytimes)