Seeking to revitalize the onetime hottest online property MySpace, the owner of the social networking site – News Corporation is making major changes in its management. The reports from News Corporation are apparently saying that the founders of MySpace, Chris DeWolfe and Tom Anderson are leaving the company shortly.

According to reports, Chris DeWolfe, the CEO of MySpace is stepping down, but he will remain on board as a strategic advisor, and Tom Anderson, the President of MySpace is also expected to stay on board.    

The news of Mr. DeWolfe’s exit has come out following the appointment of Jon Miller, the former chief executive of America Online, as the chief digital officer of the News Corporation, earlier this month.

Chris DeWolfe and Jon Miller on Wednesday announced that Mr. DeWolfe will not renew his contract and will step down shortly, but he will continue to be on the board of MySpace China and will be a strategic advisor to the Company. The decision has been made by mutual agreement. Additionally, Miller announced that he is in talks with Tom Anderson for his new role in the company. The contracts of Chris DeWolfe and Tom Anderson weren't due to expire until October.

However, the News Corporation has not yet named the new CEO of MySpace, but Owen Van Natta is considered as the prime candidate, and some other people are also in the race.