The idea of a MySpace Music JV with the labels is about to become realityat least, as far as announcing it goes, Reuters is reporting and we have confirmed. Possibly as soon as the next couple of days, News Corp (NYSE: NWS) will announce MySpace Music with three equity partnersVivendi's (EPA: VIV) Universal Music Group, Warner Music Group (NYSE: WMG) and SonyBMG. EMI Group is not on board at this point. News Corp is declining comment.
The actual launch date of any service is still a mystery. What we can report is that it will be a separate company with the assets of MySpace Music and its own management team. And, unlike the News Corp-NBCU JV Hulu, it will have a name from the beginning: the instantly recognizable brand of MySpace Music.
The original concept, as we reported in February, had News Corp and MySpace maintaining operational control but it's unclear whether that has held as part of the agreement. Also unclear: how the financing will work. More to come.
By Staci D. Kramer