LESS SPACE AT MYSPACELESS SPACE AT MYSPACE The most popular social networking site on the Web, especially for teenagers and people under 30. Founded in 2003 by Tom Anderson and Chris DeWolfe, MySpace was acquired by Rupert Murdoch's News Corporation via its $500 million purchase of parent company Intermix in 2005.Rupert Murdoch is clipping (1) Cutting off the outer edges or boundaries of a word, signal or image. In rendering an image, clipping removes any objects or portions thereof that are not visible on screen. See scissoring. See also WCA. the wings of News Corp.'s once high-flying social networking site A Web site that provides a virtual community for people interested in a particular subject or just to "hang out" together. Members create their own online "profile" with biographical data, pictures, likes, dislikes and any other information they choose to post. . Four years after paying $580 million for MySpace, with grand designs to make it the online distribution outlet for its TV shows, movies, and other content, News Corp. is slashing slash·ing adj. 1. Bitingly critical or satiric: slashing wit. 2. Dashing; pelting: a slashing hailstorm. 3. 30% of the site's staff, roughly 425 positions. Losses have mounted at MySpace as it aggressively expanded abroad and added such services as music streaming--and Facebook surpassed it this year as the top social networking site. At the same time, overall online advertising dropped 5% in the first quarter. See "Van Natta Cuts Jobs at MySpace" businessweek.com/magazine 
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