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MySpace slashing two-thirds of international staff

Social-networking giant, which announced 500 jobs cuts in the United States last week, says it will lay off 300 workers in its overseas offices.

Social-networking giant MySpace is cutting 300 international jobs--two-thirds of its workforce outside the United States.

The company, which already announced a 30 percent layoff in the States last week, said on Tuesday that it will reduce its overseas staff from 450 to 150 employees and close at least four foreign offices. MySpace also announced proposed restructuring that will narrow its international focus to a "smaller number of territories."

"As we conducted our review of the company, it was clear that internationally, just as in the U.S., MySpace's staffing had become too big and cumbersome to be sustainable in current market conditions," CEO Owen Van Natta said in a statement.

As part of the restructuring, London, Berlin, and Sydney will become the "primary regional hubs" for the company's overseas business. "All existing offices in Argentina, Brazil, Canada, France, India, Italy, Mexico, Russia, Sweden, and Spain (are) under review for possible restructure," MySpace said.

The company added that MySpace China, which it described as a "locally owned, operated, and managed company," and MySpace's joint venture in Japan won't be affected by the restructuring.

Combining both layoffs, MySpace's is cutting its total workforce from about 1,950 to 1,150--or by about 41 percent.