News Corp Rumored To Be Handing Off MySpace To Vevo

Posted Mar 29, 2011

News Corporation (NASDAQ:NWSA) is rumored to be in talks to hand off MySpace.com to Vevo.com. Vevo.com is an online music video website that is partially owned by some of the top record companies. The talks are currently in preliminary stages and an agreement may not be reached.

Music videos on Vevo.com are supported by ads. MySpace could provide Vevo with artist and fan pages. Vevo launched in December 2009 through a partnership between Vivendi’s Universal Music Group, Sony Music Entertainment, and Abu Dhabi Media Co. Sony Corp. and Universal Music were also investors in MySpace Music. Vevo is the fifth largest video destination website with 45.9 million visitors this past February.

[Bloomberg]