News Corporation’s MySpace is slashing its staff by nearly half, as the former internet social networking leader recalibrates its operations as an entertainment website. The restructuring will affect about 500 employees, or 47 per cent of the company, across all divisions and regions, chief executive Mike Jones said yesterday. Once the top Internet social networking site, MySpace has been eclipsed in recent years by Facebook. MySpace said it will enter into “strategic local partnerships” in Britain, Germany and Australia to manage advertising sales and content. In Britain, MySpace will work with Fox Networks, while details about partnerships in Australia and Germany are still being finalised.