News Corp said that MySpace Chief Executive Owen Van Natta has stepped down and is being replaced by Mike Jones and Jason Hirschhorn as co-presidents.

Van Natta, whose resignation at the Internet social networking company is effective immediately, comes after less than a year with the MySpace..

In talking to Owen about his priorities both personally and professionally going forward, we both agreed that it was best for him to step down at this time, said Jon Miller, News Corp's Chairman and CEO of Digital Media.

News Corp acquired MySpace in 2005 for $580 million. Since the acquisition the Internet site has lost ground to rival Facebook, which now ranks as the world's No.1 social network with roughly 400 million active users.

Van Natta, a former Facebook executive, joined MySpace in April 2009.

(Reporting by Alexei Oreskovic; editing by Carol Bishopric)