Myspace Confirms It Will Fly at Half-Staff

As tipped yesterday by NetworkEffect’s Liz Gannes, Myspace announced a restructuring today that includes jettisoning 47 percent of its workforce, about 500 employees. CEO Mike Jones said the site’s tighter focus on being a Gen Y entertainment destination meant a tighter ship with a smaller, nimble crew. Jones also said the company will be entering into strategic local partnerships in the U.K., Germany and Australia to manage advertising sales and content.