Los Angeles – News Corp. (NYSE: NWS) has held discussions to sell its struggling
Myspace unit to music video portal joint venture Vevo, Reuters reported, citing
a person with knowledge of the talks. The likelihood of a deal is reportedly
"slim," but terms would see News Corp. exchange Myspace for a stake
in Vevo, a joint venture between Universal Music Group, Sony Music and Abu
Dhabi Media.
News Corp was reportedly rebuffed when it offered Vevo the
opportunity to buy Myspace outright. Myspace also owns part of Myspace Music, a
joint venture with the major record labels.
Since News Corp. unveiled a retooled Myspace in October 2010, re-focusing the site as an entertainment hub, traffic has fallen 29%, from 88 million monthly visitors in October to 62.6 million in February, according to comScore data.
Related Links:
http://tinyurl.com/4r447mo
(Reuters)
http://tinyurl.com/67csu54
(Bloomberg)
