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MyspaceThe once great social networking site Myspace is expected to make big cuts to its employee ranks Wednesday, reports Gawker.

TechCrunch later confirmed with sources inside Myspace that the company is laying off at least 150 (37.5 percent) of its 400 remaining employees– with another 150 employees possibly being put on a transition plan while looking for new jobs.

In January, Myspace cut 47 percent of its staff as part of the social networking site’s first attempt at re-branding itself into a content portal.

Myspace’s parent company News Corp has been extremely unsuccessful in its effort to sell the company. The latest round of layoffs is part of an effort to make Myspace more attractive for potential buyers by stripping it down.

ActiVision CEO Bobby Kotick has been rumored in the past as a potential buyer. A sale of Myspace could be announced Friday, according to TechCrunch.

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