Myspace, which has been struggling to revitalize itself, is expected to lay off 550 to 600 of its staff of just over 1,000 Tuesday, according to several sources.
NetworkEffect first reported news of the large-scale cuts at the end of December. But now, the social-network-turned-entertainment-hub has set a date–January 11–and is working on finalizing the people it will let go, which will likely include a significant number of international employees.
The Beverly Hills-based company will be touting the changes as a restructuring to shed “legacy” businesses and products.
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