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MySpace Takes Financial Hit
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MySpace Takes Financial Hit
The entertainment site MySpace announced Tuesday it will be laying off about half of its workforce. The company has been struggling to compete with social media giants like Facebook. MySpace used to be the social media leader of the Internet, but it’s no secret that the site has become significantly less popular over the years. And now it's facing huge financial consequences.   News Corp bought MySpace in 2005 for $580 million, and they've been losing money ever since. MySpace CEO Mike Jones said Tuesday they are forced…
Video Length: 0
Date Found: January 14, 2011
Date Produced: January 12, 2011
View Count: 0
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