The rumors began swirling last week about a coming wave of layoffs at MySpace, but today is doomsday, as MySpace confirmed its plans to cut its staff count dramatically.
The company has stated that it will reduce staff by nearly 30 percent, which means around 480 employees will be out of a job by the end of the day, TechCrunch reports.
MySpace employees tell TechCrunch that security has been beefed up and managers are being given boxes (presumably to give to employees on their way out the door). TechCrunch also reports that human resources has blocked out a four-hour period of time in the conference room.
MySpace announced that all U.S. divisions will be affected as the company reduces its head count to 1,000 employees.
"Simply put, our staffing levels were bloated and hindered our ability to be an efficient and nimble team-oriented company," said MySpace CEO Owen Van Natta. "I understand that these changes are painful for many. They are also necessary for the long-term health and culture of MySpace. Our intent is to return to an environment of innovation that is centered on our user and our product."
"MySpace grew too big considering the realities of today's marketplace," said Jonathan Miller, News Corp.’s CEO of digital media and chief digital officer. "I believe this restructuring will help MySpace operate much more effectively both structurally and financially moving forward. I am confident in MySpace’s next phase under the leadership of Owen and his team."
