MySpace laid off more than half of its 450 employees last Wednesday after News Corporation sold the social networking site to Specific Media. This is more than the initial report that only 150 workers or 37.5 percent of the staff will be terminated as a result of the deal. At present, the MySpace Wikipedia page states that there are just 50 people employed by the social network. This is said to be false.
Specific Media CEO Tim Vanderhook announced the deal and said that the two companies are focused on improving digital media experiences by providing relevance and interest. He added that he would combine the platforms to create the next generation digital innovation.
MySpace has declining ad revenues as wells as active users. It was the most popular social networking site from 2006 until early 2008, when it was overtaken by Facebook. Two years ago, MySpace had around 1,400 employees.
The site was created and launched in August 2003 by eUniverse, which is an internet marketing company. It successfully took on Friendster, which is another social networking site that was unveiled in 2002. News Corp bought MySpace and its parent company eUniverse for 580 million in July 2005. It is speculated that Specific Media bought MySpace from News Corp for $35 million.
MySpace has declining ad revenues as wells as active users. It was the most popular social networking site from 2006 until early 2008, when it was overtaken by Facebook. Two years ago, MySpace had around 1,400 employees.
The site was created and launched in August 2003 by eUniverse, which is an internet marketing company. It successfully took on Friendster, which is another social networking site that was unveiled in 2002. News Corp bought MySpace and its parent company eUniverse for 580 million in July 2005. It is speculated that Specific Media bought MySpace from News Corp for $35 million.
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