CEO of MySpace Mike Jones publicised on the 11th January, 2011 that "a significant organizational restructuring that will result in a 47 percent staff cut across all divisions globally and impact about 500 employees," which thereby authenticates rumours that the mother company - News Corp owned social networking site is now surely taking its toll on its employees by implementing redundancies and could be on the lookout for new investors and/or procurers.

As the past shows, digital broadcasters MySpace was once a market leader in social networking but this triad would not last long as they seemed to be loosing sight of the success horizon with Facebook touching down at the victory point and regrettably leaving MySpace in its dust.

This was not easy, the least of MySpace’s worries as they did stride on but this time with a specific niche in mind and by undergoing so to say; a makeover, it projected its efforts on the pop culture media sharing for the younger generation than otherwise endeavouring to have a collective feel of a social networking website.

"Today's tough but necessary changes were taken in order to provide the company with a clear path for sustained growth and profitability," Jones said of the recently redesigned MySpace. "These changes were purely driven by issues related to our legacy business, and in no way reflect the performance of the new product."

The statement however bought a ray of hope to the digital based company: "Since the worldwide rollout of the new MySpace, there have been more than 3.3 million new profiles created," Jones' statement announced. Ok, but does it offset users who continue to desert the site? "We have already seen a rise of four percent in mobile users just between November to December, now totalling over 22 million."

Jones further declared that MySpace would be looking forward for getting into partnerships for itself in the UK, Australia and Germany in relations with its advertising sales and content handling, which throws at us another clue about the magnitude of the layoff taking place overseas. Jones said, "MySpace will retain a core, dedicated international team to work with partners in order to ensure users, content partners and advertisers continue to be served."

However, there can't be seen any proof of data to confirm the sale of MySpace to buyers by its mother company News Corp.