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MySpace employees are bracing themselves for huge job cuts, which are reportedly expected to be announced at the struggling News Corp-owned website later today.

According to the Financial Times, MySpace has already laid off some of its staff.

A cull of around 500 workers, around half of the company's global workforce, is planned by MySpace in a gasping effort to keep the once-popular social networking site ticking over.

In the meantime, as we've previously reported, it's understood that News Corp bosses are mulling a quick sale of MySpace, which in recent months has tried to recast itself as an entertainment portal.

Outside of the US, MySpace has main offices in the UK, Germany and Australia.

The demise of MySpace as a well-liked social networking hub contrasts with the rise of Facebook, which recently got tagged with a $50bn valuation by brokerage Goldman Sachs, even though the Mark Zuckerberg-run company is yet to go public. ®

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