MySpace employees are bracing for a massive bloodletting on the verge of a possible sale. The troubled social networking site is expected to see its 1,100-strong workforce shrink to half its current size by the middle of the month.

All These Digital and the L.A. Times reports the layoffs will come several weeks after MySpace redesigned itself as an “entertainment hub.”

What future do you think lies in wait for MySpace, and what function does the site serve in your social networking life?

MySpace Mulls Significant Layoffs, With Potential Sale Looming [All Things Digital via Los Angeles Times]

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