MySpace to lose 47% of staff in global restructure

MySpace is to cut almost half its staff and has struck an ad sales deal with .Fox Networks in the UK.

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The social network will drop an estimated 500 jobs as part of plans to cut costs. It has also announced a partnership with .Fox Networks, both owned by News Corporation, to be its exclusive ad sales partner in the UK.

MySpace staff will now enter a period of consultation but the company was unable to confirm how many jobs will be affected in the UK.

CEO of MySpace Mike Jones says: “Today we’re implementing a significant organisational restructuring that will result in a 47% staff reduction across all divisions globally, impacting about 500 employees. MySpace will be entering into strategic local partnerships in the UK, Germany and Australia to manage advertising sales and content.”

.Fox Networks, the online division of Fox International Channels, will become the exclusive ad and sponsorships sales partner across all channels for MySpace. The deal mimics partnerships already in place in other territories including Brazil, Spain, Italy and Turkey.

Senior VP of Fox International Channels and .Fox Networks Deborah Armstrong says: “The UK is one of the most sophisticated ad markets in the world and our mix of premium TV, online, local and international media brands and advertisers uniquely positions us to offer relevant, creative and leading services.”

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