Unit by unit, News Corp.’s Fox Interactive Media digital division is laying off workers. About 100, or 5% of its workforce, will be eliminated as part of ongoing cost-cutting efforts, reports MediaBuyerPlanner.
All groups will be affected, including MySpace and Photobucket, writes the Wall Street Journal, which adds that, while the digital sector wasn't hit as hard as the rest of the media business by the downturn in advertising, even high-growth areas are and will be affected by the economic situation.
Fox Interactive Media spokeswoman Dani Dudeck said MySpace is still hiring and will continue to do so in areas like MySpace Music, business development, and other product initiatives. "We expect to have more MySpace employees at the end of this fiscal year than we currently have," she is quoted as saying (via Reuters).
Fox Interactive Media revenues grew 17% in the fiscal first quarter, but News Corp. observed softening in the display ad market.