Rumours of upcoming layoffs at MySpace have been bubbling under since Christmas, but according to the Financial Times and All Things Digital, today is when they’ll actually happen. What’s more, it suggests that as many as 550-600 employees could be given their marching orders – more than half of MySpace’s staff. International offices look set to take the brunt of the cuts, which are part of MySpace’s wider restructuring as a ‘social entertainment’ service. Well, that and parent company News Corporation positioning MySpace for a sale: All Things Digital suggests private equity firms are the most likely buyers, while floating the possibility that Yahoo may also be interested.

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