Hush hush talks can be heard at the corridors of MySpace and Yahoo about the rumors that the social networking site MySpace will be bought by Yahoo. These talks became louder when the impending lay off of over 500 MySpace employees will happen tomorrow. Rumors about this massive lay off has been in circulation the last few months as MySpace streamlines its company reportedly in preparation of selling the social networking site.

It was just a few months ago that MySpace radically changed their appearance online and extended its services for their users other than social networking. Admittedly MySpace was a front runner in the industry for many years but it has since been eclipsed by the popularity of Facebook. So instead of just going down into oblivion, MySpace tried to re-invent itself as the ultimate site for people to share their types of music, videos plus being a social networking site as well.

Although nothing is set in stone, the talks of an impending merger or outright acquisition of the News Corp baby is set to happen soon after they lay off about half of their current employees. The 550-600 people that will be given the sack are not surprised about this latest development as they have been informed of this decision months ago.

If indeed Yahoo does get MySpace, what will their vision be for MySpace? Will they go after the ever increasing number of Facebook users or will they evolve into something else. These questions may remain unanswered in the near future but one thing is for sure, MySpace will be in the market in the coming days.