Facebook & Twitter drive MySpace out of Playa Vista

Loss of revenues and market share to Facebook and Twitter appear to be pushing Rupert Murdoch’s Fox Interactive to axe MySpace employees and pull the plug on moving into Playa Vista. According to the LA Times, Fox is on the hook to the tune of $350 million for a 12-year lease of the office space they were slated to move into soon. Backpedaling, due to the down economy and their loss of market share and revenue, the blame seems to be attributed to online networking not being as financially rewarding as anticipated. For many, that means pink slips are on the way.

Fox hopes to be able to sub let the property to someone else. Good luck on that one.