"MySpace To Cut Two-Thirds Of Global Workforce"

When I first saw this headline, I thought, "MySpace has enough clout to drive the unemployment rate worldwide up to 67%?"

But that's not what it meant:

NEW YORK (Reuters) - MySpace, the social networking website owned by Rupert Murdoch's News Corp, said on Tuesday it plans to cut about two-thirds of its international workforce and close at least four of its offices outside the United States.

The proposed restructuring plan would reduce MySpace's international staff to about 150 people from 450, the company said in a statement.

The planned cuts come on top of MySpace's announcement last week that it was reducing its U.S. staff by about 30 percent to 1,000 people, saying its staffing levels were "bloated" and had hurt its ability to be efficient and nimble.

Roughly half of MySpace's total user base comes from outside the United States. Rival Facebook's worldwide user base is more than double that of MySpace, according to market researcher comScore.

"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," MySpace Chief Executive Owen Van Natta said in a statement.