MySpace to Cut Jobs

Fox Interactive Media, home of popular social networking website MySpace, will cut jobs and cancel its move into swankier West Los Angeles offices.

Fox head Rupert Murdoch has brought on a former AOL CEO to overhaul MySpace, and canned two of the site’s founders.

The firm is reviewing positions across the company, at MySpace and at other properties such as IGN and Photobucket.

Beverly Hills, California’s Fox Interactive Media oversees the Internet business operations of media giant News Corporation, and was formed to oversee News Corporation’s new media acquisitions.