News Corp slims down MySpace for cut-price sale

News Corporation is cutting around 500 jobs at embattled social network site MySpace as part of a slimming down process clearly intended to attract a buyer.

It looks highly unlikely that it will recover the $580m it paid to buy MySpace owner Intermix Media in 2005.

Other economies may include closing its international sales offices in the UK, Australia and Germany, which makes London sales chief Simon Daglish’s decision to join Fru Hazlitt’s new sales regime at ITV rather timely.

Daglish has been hired to run ITV’s ‘multi-patform sales’ across the broadcast network and, the key part of Hazlitt and ITV CEO Adam Crozier’s sales strategy for the UK broadcaster.

The changes also saw the departure of sales boss Gary Digby even though he has oveeseen a strong sales recovery at ITV in 2010, bringing in more than £1.5bn, an increase of at least 15 per cent on 2009.

As for MySpace it has been superseded by the likes of Facebook and Twitter and its relaunch as a games and entertainment portal has yet to show positive results.

But the site still attracts around 100m users (although they’re departing rapidly) so may still attract bids from either an existing rival or a private equity buyer bold enough to take on Facebook (500m plus users).

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