MySpace to axe 550 to 600 jobs

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Struggling social network MySpace is said to be axing 550 to 600 jobs of its just over 1,000 employees; with the announcement said to be tomorrow.

The large job culls will significantly affect its international operations as the company tries to rebrand itself from a social network to an entertainment hub. It’s Chinese operations is also being reported to have laid off 30 of its staff – two-thirds of its staff presence in the country – and its CEO has left the company.

The company’s “legacy businesses and products” are said to be the main targets, according to All Things D‘s Liz Gannes. The cull may be trying to make MySpace into something worth buying, as it is trying to sell the company to Yahoo – who is also trying to rebrand itself after search.

Plans for a large jobs cull is nothing new, with rumours in December hinting of it, with numbers as high of 70 percent of its employees.