• The Wall Street Journal, Monday, July 13, 2009 11:48 AM

As MySpace continues its fall from grace, losing ever more ground to rival Facebook, it appears as though News Corp. is planning to reposition the social network as a Web site for accessing entertainment and related information, The Wall Street Journal reports. In a brief interview, News Corp. Chairman and CEO Rupert Murdoch said the site would be refocused "as an entertainment portal," describing it as a place where "people are looking for common interests."

Murdoch didn't elaborate further, but his comments are consistent with what company insiders are saying. According to The Journal, MySpace will roll out new features designed to transform itself into an entertainment destination in the next few months.

The shift in strategy follows a management overhaul in which Owen Van Natta, a former top Facebook exec, was instilled as CEO. Last month, the company announced that it was cutting 30% of its U.S. staff and up to two thirds of its international staff, leaving MySpace with just 1,150 employees worldwide. In recent weeks, MySpace has also dropped its longtime tagline "a place for friends," and removed the ".com" from its name.

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