MySpace to axe 400 in cost cut

MYSPACE, the social network owned by Rupert Murdoch’s News Corp, yesterday unveiled plans to axe 30 per cent of its staff to lower costs as it struggles to stay popular in the face of rising competition.

MySpace will be left with about 1,000 employees, the group said, suggesting around 400 staff will lose their jobs.

The cuts are the first major move by the new management, who took over last month. The firm, which is losing customers to rival Facebook, said it wanted to return to a “start up culture”.