by Amanda Natividad and Staci D. Kramer
"MySpace has done what few can claim to have accomplished so far this new year: cut its weight nearly in half by slashing close to 500 jobs from the payroll. The social-network-turned-social-entertainment-hub skyrocketed to attention after its 2004 launch and by 2005 was viewed by mainstream media like Viacom (NYSE: VIA) and News Corp (NSDQ: NWS). as a golden ticket to the future. News Corp. got the deal done, spending $580 million to secure the social net as the linchpin of Rupert Murdoch’s “get there quick” digital strategy." More
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