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 in Talks to Hand Off MySpace to
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)

(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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