Well, that was fast: Barely two months after a big redesign, MySpace is planning to lay off half its staff, according to news reports. So much for the flailing social network's supposed turnaround.

CNBC and the LA Times say MySpace is looking at laying off around half its workforce. So apparently the big "my_____" relaunch isn't saving the company yet. The social network's best hope is a private equity buyer, says All Things Digital, and that's probably true: With Facebook now valued at $50 billion, MySpace parent company News Corp could ask for twice the $580 million it originally paid and the deal would still look like a bargain.