Im not talking about the people getting fired for surfing myspace at work, now the myspace company is firing, I feel bad for anyone investing in any of these types of businesses, its like investing in a nightclub, almost always a loss, they dont stay hot for long
http://business.theage.com.au/busine...0607-bzui.html
As MySpace loses pace, Murdoch cuts jobs and costs at Fox
Miriam Steffens
June 8, 2009 - 12:01AM
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RUPERT Murdoch's News Corp plans major job cuts at Fox Interactive, which houses the MySpace networking site, and has abandoned plans to move the division to huge new Los Angeles headquarters, according to US reports.
The savings push comes after the media mogul, 78, hired former AOL boss Jonathan Miller to overhaul the internet unit, where growth has stalled in the advertising downturn. He also replaced the two MySpace founders to revive the waning appeal of the site, which has lost market share to rival Facebook.
The Los Angeles Times reported on Friday the latest cuts would affect jobs at MySpace, but other parts of the division would also be targeted.
Fox Interactive declined to comment, but acknowledged it was reviewing "every aspect" of its operations and structure.
"It's no secret that we are looking for ways to improve our products, increase the value of our digital assets and enhance the overall financial strength of the company," it said in a statement to Bloomberg.
An spokesman for News Corp in Sydney had no comment on the report, or any local implications.
According to union estimates, the company has cut more than 80 editorial jobs at its Australian newspapers in recent months.
Seeking to save costs, Fox Interactive has also shelved plans to move into a 46,500 square metre office building this month, which it has leased for about $US350 million ($A441 million) in a 12-year deal, Los Angeles real estate site Curbed said.
Instead of moving, News Corp is now looking at sub-letting the space.
Fox Interactive's revenue fell 11 per cent in the March quarter as ad sales dropped 16 per cent, hurt by lower demand at MySpace. News Corp bought the networking site in 2005 for $US580 million to spearhead its internet expansion. But the site has come under pressure as Facebook has overtaken it in worldwide visitors, and messaging site Twitter has become the hot new web property.