My Space Getting Into Music....

News Corp. (NWS) is in talks with major music labels about a venture that would offer music through 1) ad-based downloads and 2) streaming to a PC. The labels have been offered an equity stake in the site, MySpace Music. Social networks Imeem and Last.fm already have streaming deals with music labels. Labels approached include Vivendi's Universal, Warner (WMG), EMI Group, and Sony (SNE) BMG. Complications include Universal Music's outstanding copyright infringement suit against MySpace.