News Corp to sell MySpace to music site?

30/03/2011

News Corp. is in preliminary talks to hand over control of Myspace to online music website Vevo.com, according to a news report. Bloomberg News reported the talks on its website Monday, citing three unnamed people with knowledge of the situation. Deal would see News Corp hand over control of social networking site in exchange for stake in new venture.

30/03/2011

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Under the scenario being discussed, News Corp. would exchange the Myspace social network for a stake in a new venture, Bloomberg reported the people as saying.

Vevo.com is one of a number of concerns looking at Myspace, two of the people said, according to the report. News Corp. hired investment bank Allen & Co. to evaluate offers and is aiming to conclude a deal before the June fiscal-year end, the people said, Bloomberg reported.

Spokeswomen for News Corp. and Vevo declined to comment, Bloomberg said.

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