MySpace to shed 420 jobs

Online networking site MySpace is cutting nearly 30% of its workforce to make it more efficient.

The cuts amount to about 420 people, bringing the total number of MySpace’s US staff to 1,000.

The move comes less than two months after Beverly Hills-based MySpace appointed a new chief executive, Owen Van Natta, a former executive from rival Facebook.

MySpace said the restructuring crosses all of its US divisions.

Mr Van Natta called the previous staffing levels “bloated”. Last month, Facebook had about 850 employees worldwide.