As reported, ailing MySpace (NWS -1.4%) cuts 500 employees, or 47% of its staff, to reduce...

|By:, SA News Editor

As reported, ailing MySpace (NWS -1.4%) cuts 500 employees, or 47% of its staff, to reduce costs. MySpace claims the changes were caused by its "legacy business." Having been crushed by Facebook, MySpace is attempting to become an entertainment social networking hub.