Social networking site MySpace Cuts Jobs

Social networking site MySpace has laid off a "significant number" of employees following a dip in revenues over the last year. Skip related content

In the first quarter 2009 the company reported 11% decline in revenues after ad sales dropped 16%.

Fox Interactive Media, FIM, which runs MySpace is in the process of restructuring.

FIM has about 2,000 staff and the job cuts come two months after Jonathan Miller was appointed to head its digital division.