In a step to shore up revenues over the long-run for its hugely popular social networking site MySpace, the owner News Corp has officially signalled the before-term exit of the Facebook co-founders – CEO Chris DeWolfe and President Tom Anderson.

According to MySpace’s Chief Digital Officer, Jonathan Miller, DeWolfe’s decision against renewing his contract – to expire in October -, and stepping down, has been a mutually worked out one. Even after quitting, he will serve as a strategic advisor to MySpace and will continue to serve on the board of MySpace China.

Miller also said that discussions are on with Anderson, with regard to plan out a new role for him in the organization.

Regarding the contribution of DeWolfe and Anderson, both of whom founded the MySpace social networking site in 2003, Miller said: “Chris and Tom are true pioneers and we greatly value the tremendous job they’ve done in growing MySpace into what it is today. Thanks largely to their vision, MySpace has become a vibrant creative community with 130 million passionate followers worldwide.”

There has been no official intimation from News Corp about the next CEO of MySpace. However, going by the news leaked out by the News Corp PR to the conglomerate’s subsidiary press outlets, Owen Van Natta – an ex-Facebook executive - is the front-runner for the post!