Van Natta quits as MySpace CEO

MySpace said Thursday that co-president Jason Hirschhorn has decided to leave the social network, four months after being named to the job.Hirschhorn was named a co-president of News Corp.-owned MySpace along with Mike Jones when chief executive Owen Van Natta stepped down in February.Hirschhorn's departure was announced by News Corp. chief digital officer Jon Miller."We fully respect Jason?s decision to leave and his personal desire to return to New York," Miller said in a statement.

Social network pioneer Myspace unveiled a redesign on Wednesday targeting the "Generation Y" younger audience as it seeks to regain ground lost to Facebook.Myspace, which Rupert Murdoch's News Corp. bought for 580 million dollars in 2005, said its new website and products are intended to "redefine the company as a social entertainment destination for Gen Y.""This marks the beginning of an exciting turning point for Myspace," chief executive Mike Jones said in a statement.

Michael Arrington submits: MySpace’s new slogan, and the theme of their new product strategy, will be “Discover and be Discovered,” we’ve confirmed from multiple sources. This will be their differentiating factor from Facebook, execs told employees at an all hands meeting last Thursday.

Michael Arrington submits: MySpace, once the King of the Internet, lost its second CEO yesterday in less than a year.

MySpace has announced plans to simplify its privacy settings as it seeks to differentiate itself from social network rival Facebook, which is under fire over its privacy practices.Mike Jones, co-president of News Corp-owned MySpace, announced the changes in a blog post on the News Corp.-owned social network, which has been eclipsed in popularity in recent years by Facebook."The last few weeks have been fraught with discussion around user privacy on social networks," Jones said without directly mentioning Facebook by name.

News Corp. said Thursday it is exploring "strategic options" for Myspace amid reports it is considering a sale, merger or spinoff of the ailing social network.The reports that News Corp. is looking to sell Myspace, which it bought for 580 million dollars in 2005, only to see it be eclipsed by Facebook, surfaced a day after the social network cut 500 employees, nearly 50 percent of its staff.Asked about the reports, a News Corp. spokeswoman told AFP: "We're exploring all our strategic options for the business."

Once the top Internet social network, MySpace has announced that it will cut 500 jobs, nearly 30% of its US staff. MySpace has been badly hit by the growing success of Facebook. The company named a new CEO, Owen Van Natta, last April.

NEW YORK -- News Corp. says Owen Van Natta, a former Facebook executive, will be the new CEO of MySpace.