Myspace, which at one time seemed like a juggernaut in the social networking world, recently announced it was drastically cutting its staff worldwide.  Nearly half of the staff will receive pink slips.  That's about 500 people. 

There's word that MySpace's parent corporation, News Corp is looking to either sell off the property or spin it off.  An official for the company called the cuts "tough but necessary"

There's no word on a monetary figure for how much the company will save.

Previous layoffs eliminated about 420 jobs in the U.S. and 300 jobs overseas, and shut several offices abroad.