Vevo to Take MySpace Off News Corp's Hands?

Music website could get control
By Evann Gastaldo,  Newser Staff
Posted Mar 29, 2011 12:16 PM CDT
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)
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(Newser) Struggling MySpace could soon be handed over to music website, 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. (Read more News Corp stories.)

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