MySpace to cut 30% of work force

LOS ANGELES -- MySpace is cutting nearly 30% of its work force in a move the News Corp.-owned online hangout says will make it more efficient.

The cuts amount to about 420 people, bringing the total number of MySpace's U.S. staff to 1,000.

The move comes less than two months after Beverly Hills, Calif.-based MySpace got a new CEO, Owen Van Natta, a former executive from rival Facebook.

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MySpace says the restructuring crosses all of its U.S. divisions. The company gave no further comments.

Van Natta called the previous staffing levels "bloated." As of May, Facebook had about 850 employees worldwide.