Bangalore: Myspace is preparing to disclose a dramatic downsizing of its business, as part of the movement the site could lay off between a third and a half of its roughly 1,100 employees. The report says that the moves expected to be announced this month. The restructuring is the latest step in Myspace's intensifying turnaround effort. The social network reduced its staff by nearly 30 percent last summer, laying-off hundreds of employees. Myspace in October redesigned its site to emphasize its media assets and later struck a new ad deal with Google. Myspace is refashioning the site as a hub for music, games and entertainment. It unveiled the new site in October.