News Corp, who currently owns Myspace, have plans to hand over control of the site to a new company before June 2011. As of right now Vevo.com is one of the interested companies and both News Corp and Vevo.com are talking it out at the moment. If Vevo.com gains control of Myspace, it will be ' in exchange for a stake in a new venture' for News Corp. However details of this new venture were not revealed.
Vevo.com is the 5th largest video site and offers advertising-supported music videos. If they gain control of Myspace, their main interest will be the websites music pages and fan pages. They are interested in expanding the sites entertainment factor.
News Corp introduced a new Myspace design in February however the sites new design did not save it from it's shrinking traffic number. During the same time as the launch of the new Myspace design; the website's traffic went down to 62.6 million which is 29% less then the sites traffic from October 2010.
Article URL : Bloomberg
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