Vevo to Take MySpace Off News Corp's Hands?

Music website Vevo.com could get control

By Evann Gastaldo,  Newser Staff

Posted Mar 29, 2011 12:16 PM CDT

(Newser) Struggling MySpace could soon be handed over to music website Vevo.com, Bloomberg reports. News Corp. is in talks to give control of MySpace to Vevo in exchange for a stake in a new venture, sources say. However, the talks are preliminary and several other parties are also looking at MySpace. Vevo, the No. 5 Web video destination in the US, is partially owned by the world's major record labels.

Vevo features ad-supported music videos, so it could make use of MySpace's music assets; the social networking site decided in 2009 to focus more on music and entertainment.

News Corp. Chairman Rupert Murdoch, who owns the social networking Web site MySpace, speaks at the company's Global Energy Initiative in this May 9, 2007, file photo.
News Corp. Chairman Rupert Murdoch, who owns the social networking Web site MySpace, speaks at the company's Global Energy Initiative in this May 9, 2007, file photo.   (AP Photo/Mark Lennihan, file)
This screenshot shows the MySpace website page Wednesday Oct. 27, 2010. MySpace, the online social hub that's been fighting to stay relevant in the age of Facebook and Twitter, is overhauling its image and its website into an entertainment destination for its mostly younger audience. Starting Wednesday Oct. 27, 2010...
This screenshot shows the MySpace website page Wednesday Oct. 27, 2010. MySpace, the online social hub that's been fighting to stay relevant in the age of Facebook and Twitter, is overhauling its image...   (AP photo/MySpace)
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