Myspace Expected To Lay Off At Least 150 Employees On Wednesday

June 27, 2011

We’ve confirmed the rumors of Myspace layoffs with our own inside source; From what I’m hearing the company expects to lay off at least 150 of its around 400 employees tomorrow (37.5% of its staff). According to the source, another group of around 150 employees will be put on a transition plan, where they will still be laid off but can work with pay for a few weeks while they search for another job.

Myspace cut around 47% of its staff back in January and these new layoffs come as Myspace is preparing itself for a sale, which we’re hearing will be signed tomorrow and announced on Friday. While there are multiple rumors circling regarding who exactly will be buying the beleaguered social network, the names being tossed around include a bidding group fronted by Activision CEO Bobby Kotick, Buzzmedia, and even LivingSocial.

In any case this is turning out to be a banner week for Myspace, which closes its fiscal year on Wednesday. I’ve emailed Myspace PR for comment, and will update this post when they get back to me.

Article source: TechCrunch


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