MySpace: A social network with no employees

MySpace, the large social network that is part of News Corp. (NWS), has been losing ground to rival Facebook. Its answer to the trouble has been to fire people in an attempt to do what business school professors say is impossible -- cut costs as a means of saving a business.

A little over a week after dismissing 300 people in its domestic operations, MySpace is firing 300 people overseas, which will cut its staff outside the U.S. to 150, News Corp announced.