No matter what Myspace tries it continues to lose a ton of money, and it’s starting to make Rupert Murdoch sweat. In October of last year the site launched a new look which emphasized gaming and music, but nothing seems to be helping. Jessica Vascellaro and Russell Adams of the Wall Street Journal are reporting that Myspace is about to let go of almost half of its staff to help deal with the huge losses. As of November, the News Corp. entity that oversees the site has lost over $150 million, and ad spending was down $70 million.

Chase Carey, News Corporation’s Chief Operating Officer, said the steep drops, “Are not acceptable or sustainable. Our current management did not create these losses, but they know we have to address them.” Apparently the way to do that is to fire people. Let’s hope the execs at least add some blingees to their pink slips.