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.