MySpace Nears Deals with Record Labels

Considering that News Corp. owns both MySpace and The New York Post, this is probably pretty reliable info.

MySpace's plan to launch a digital-music joint venture with the major record companies is picking up steam, as the social networking giant nears deals with Sony BMG and Warner Music Group, multiple sources familiar with the situation told The Post.

The agreements could be signed as soon as this week. The service is expected to launch later this year.

BTW, since Universal Music and MySpace have an ongoing copyright infringement lawsuit, don't expect a deal to be signed between those two anytime soon.
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