The Wall Street Journal confirmed this afternoon that Myspace CEO Chris DeWolfe will officially step down from his post at the company in the near future.

According to the company memo, News Corporation’s Chief Digital Officer, Jonathan Miller announced that, by mutual agreement, Chris DeWolfe will not be renewing his contract and will be stepping down his position as Myspace CEO. DeWolfe will however, remain a member of the board of Myspace China and will be a strategic advisor to the Company.

“In a little under six years we’ve grown MySpace from a small operation with seven people to a very profitable business with over 1,600 employees,” said Myspace CEO, Chris DeWolfe in a memo.  “It’s been one of the best experiences of my life and we’re proud of, and grateful to, the team of talented people who helped us along the way.  We thank them, as well as the MySpace community for making our vision a reality.”

Myspace Co-Founder and President, Tom Anderson will also be stepping aside by “assuming a new role in the company”.

The Wall Street Journal suspects Myspace’s parent company, News Corporation are clearing the path for former COO at Facebook and current CEO of Project Playlist, Owen Van Natta to take over DeWolfe’s CEO position.

“From the very beginning, our driving passion has been simple - to create and foster a platform where people across the globe can not only meet and interact, but share music, videos, thoughts and ideas,” said Myspace President, Tom Anderson.  I look forward to working with Jon.  I love this business, and look forward to its next chapter.”

Something tells us this is either the end of an era for Myspace, or just the start of something good.