Vevo to Take MySpace Off News Corp's Hands?

Struggling MySpace could soon be handed over to music website Vevo.com, Bloomberg reports. News Corp. is in talks to give control of MySpace to Vevo in exchange for a stake in a new venture, sources say. However, the talks are preliminary and several other parties are also looking at MySpace. Vevo, the No. 5 Web video destination in the US, is partially owned by the world's major record labels.

Vevo features ad-supported music videos, so it could make use of MySpace's music assets; the social networking site decided in 2009 to focus more on music and entertainment.