It's not a good week to be a MySpace employee. Just a day after it was announced that MySpace would lay off nearly half its staff, News Corp. admitted it's considering selling the site.

"News Corp is assessing a number of possibilities including a sale, a merger, and a spinout," Rosabel Tao, a spokesperson for Myspace, told Bloomberg. "The process has just started."

Chief executive Mike Jones delivered the news to employees on Wednesday at a company-wide meeting about MySpace's future.

On Tuesday, the former social-networking behemoth announced it would cut its staff by 47 percent. News Corp. famously bought MySpace in 2005 for $580 million, but it hasn't exactly been a cash cow for the media company. In the last quarter, the segment of News Corp. that owns MySpace lost $156 million. The layoffs, which affect about 500 people, were expected, however, especially as executives had called the losses "not acceptable" in November.

Jones placed the layoff's in context of the site's October redesign, which he also attempted to portray as a sign of the company's positive direction.

According to Bloomberg, if a spinoff is the solution to MySpace's woes, News. Corp will help fund the venture. News Corp. would take a more "entrepreneurial" approach to MySpace, brining in partners, privatizing, and offering stock options to employees.

"We're considering a number of strategic options for the business," News Corp. spokesperson Julie Henderson said.

Bloomberg said that News Corp has appointed Jack Kennedy, executive vice president of its digital media group, to deal with potential MySpace buyers.