• February 21, 2008

News Corp. has reportedly approached the nation's top four record labels about launching an online music service through MySpace.

A one-stop music service offering content in various ways--as with free digital streams and MP3 downloads--would, in theory, be launched as a joint venture with the major recording companies, which would receive an equity stake in the new company.

Companies include Vivendi SA's Universal Music Group, Sony BMG Music Entertainment, Warner Music Group Corp. and EMI Group PLC. So far, none of the companies involved, including News Corp.'s MySpace, have commented publicly on the potential deal.

--Gavin O'Malley