Social media website MySpace is poised to lay off more than half of its 1,000-strong workforce today as part of an overhaul intended to mend its grim financial position. The site, which is owned by Rupert Murdoch’s News Corp, is expected to tell those affected today. MySpace has lost out to newer online competitors since News Corp took over in 2005 for $580m (£372.7m), and is now thought to be worth a fraction of its sale price. News Corp executives have previously said they will consider alternatives, such as selling or dismantling MySpace, if it cannot reverse its fortunes. The site unveiled a new design and focus on new music in October last year, but no sign of a pick-up in traffic has emerged, contrasting sharply with Facebook’s recent $500m investment from Goldman Sachs.