MySpace will announce massive layoffs from its staff of just over 1,000 tomorrow. The number is expected to be between 550 and 600 as News Corp. tries to sell off its flagging property to private equity investors (or possibly Yahoo). If you’re keeping track, that’s a little over five years from Rupert Murdoch’s initial “visionary” investment. Daily staffers, that means you’ve probably got until about 2016 to convince the world it needs an iPad-only newspaper! [Network Effect/AllThingsD]
