If you've been following any business news over the last couple weeks, you might have heard the story that MySpace is planning to reduce it's US workforce by 30% to around 1,000. Today, multiple news sources are reporting the company will also be reducing it's international workforce by approximately 66% to 150 employees. News Corp. reported an $89 Million loss in the division which includes MySpace over the last quarter partially due to the new features on the site. And the bleeding may not be over as competition increases in the social networking sector. Recently, Facebook has surpassed MySpace as the social networking site with the most worldwide users.