News Corp has dull talks with Vevo over MySpace acquisition

According to some sources News Corp was talking to Vevo.com about giving control of MySpace to the music label-owned video site, but the likeliness of a deal remains uncertain.

The unnamed sources say that talking to Vevo.com, News Corp planned to exchange Myspace for a stake in a new venture. Earlier, representatives for News Corp contacted Vevo to see if they would be interested in purchasing all of Myspace but they received a negative response.

Since then, a joint venture has been proposed which could see News Corp spin off its stake into some sort of joint venture.

But the person close to the talks said the chances of a new joint venture with News Corp was "very slim."

Arguably one of the more valuable assets of Myspace is Myspace Music, a joint venture between Myspace and the four major music label owners including Vivendi SA's Universal Music Group, Sony Music Entertainment, Warner Music Group and EMI Music.