News Corp, Vevo In Talks Regarding Control Of Myspace (NWSA)

News Corp. (NASDAQ: NWSA) has held talks with Vevo about giving the control of MySpace, but according to Reuters, a person with the knowledge of the talks said the likelilhood of a deal being reached is slim.

News Corp. tapped boutique investment bank Allen & Co to aid with the potential deal.

News Corp. is discussing with Vevo the exchange of MySpace for a stake in a new venture. News Corp. also discussed if Vevo was interested in purchasing all of MySpace, but Vevo declined the offer.

A valuable asset of MySpace is MySpace music, a joint venture between MySpace and music label owners Vivendi SA's Universal Music Group, Sony Music Entertainment, Warner Music Group (NYSE: WMG) and EMI Music .

Vevo is also a joint venture, owned by Universal Music Group, Sony Music Entertainment and Abu Dhabi Media Co.

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