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Speculation is mounting that News Corporation is set to lay off 500,000 employees at MySpace which is failing to perform up against other social network operations such as Facebook.

Currently MySpace has 1,100 employees with the operation now becoming a serious cash drain on the Corporation. In recent months News Corp has met with several interested parties with a view to selling the troubled group. In December News Corp gave MySpace employees the last week of December off work in an effort to save cash.

MySpace’s COO Chase Carey said recently “We’ve been clear that MySpace has been a problem. Current losses are not acceptable or sustainable. But we know that we have to work very hard in [the] coming months to get this thing sustainable,” he said, adding, “We judge in quarters, not in years.”

MySpace recently rebranded itself as an entertainment portal that users can use in conjunction with their Facebook accounts.

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