myspacelogo MySpace to axe a third of its staff, imminent shutdown predicted by many

Looks like things are definitely not going well for what was formerly the world's most popular online social networking service. According to information that has been leaked out from inside sources, the company is currently planning to axe over a third of its workforce over the coming days, and that speculations of an imminent shutdown of the once-popular online social networking service now runs rampant among many.

Read on to find out more.

myspacelogo MySpace to axe a third of its staff, imminent shutdown predicted by many

Facebook may be the de facto online social networking service to make use of today for keeping in touch with friends and acquaintances from all over the world , but there are many who will probably hold fond memories for older services which once held the honor of being the most popular such service available for users until they were soundly dethroned by the likes of Facebook. And apparently, life after getting dethroned from such a position has not been the most rosy for one such service: MySpace.

myspace MySpace to axe a third of its staff, imminent shutdown predicted by many

According to a report published by TechCrunch, an inside source has seemingly confirmed that the company has plans to commence yet another massive round of layoffs by as early as tomorrow, with almost 150 members of its 400-strong workforce being expected to lose their jobs. And if that is not bad enough, word has it that yet another 150 more staff will also be laid off, but will be put on a "transition plan" in which they will be allowed to continue working at MySpace for a few weeks with pay while they make use of the 'borrowed time' to search for employment options at other companies. This effectively reduces MySpace's entire workforce to no more than a mere 100 employees.

Last but definitely not least, TechCrunch also reports that the troubled online social networking service, which was once considered the poster child for such services until the bubble popped, is preparing itself for a sale to another company, an act that is expected to take place this Friday. Although no information has been leaked out as to which company will be MySpace's new owner, rumour has it that Activision is the most likely candidate to purchase MySpace, and that the price MySpace's new owners are going to pay for the service will not come close to the US$100 million pricetag that News Corporation has slapped on it.

That being said, many people will probably remember MySpace fondly for a variety of reasons, even if it does not deserve to come to such an end. As ZDNet's Zack Whittaker puts it, MySpace was the service which allowed "for dial-up connected kids to express ourselves in a truly beautiful, hedonistic and open way".

Source: TechCrunch, ZDNet