More layoffs looming for MySpace as News Corp looks to sell

Fading social networking site MySpace is preparing for another round of layoffs, according to reports in The Wall Street Journal.

The paper cited sources familiar with the matter saying that MySpace is looking to eliminate jobs as parent company News Corp negotiates a possible sale of the site.

The job cuts could be made in conjunction with a sale of MySpace to one of several interested buyers. Chinese firm Tencent Holding, video hosting site Vevo, and a number of private equity firms were all named as possible purchasers.

The reported cuts come as MySpace looks to salvage something from a social networking base that has all but disappeared over the past few years. The company was the top social network on the web when it was acquired by News Corp for $580m.

With the rise of Facebook, however, people have steadily migrated away from MySpace and the site has struggled to reinvent itself.

MySpace tried to fashion itself as a portal for independent music acts under chief executive Owen Van Natta , but the effort fell short and Van Natta resigned less than a year after taking over.

More recently, the site has shed more than 500 jobs and News Corp has all but admitted defeat by placing MySpace up for sale.