MySpace Laying Off 5% Of Staff

Improving traffic, a $20 million tv campaign and an association with Justin Timberlake brought some attention to the new, new MySpace, but apparently they did not lead to profits. This week, MySpace confirmed that it is in the process of laying off 5% off its staff, which sources estimate totalled close to 300. In a statement, the company confirmed the layoffs:

We're implementing changes at Myspace to support continued innovation and growth by streamlining operations to achieve profitability. We appreciate our team's contributions to Myspace over the years, and are offering outplacement services and severance packages to assist impacted employees."

More details as they become available.