NEW YORK (Reuters) - News Corp MySpace, the world's largest social network Web site, said on Thursday it has formed a joint venture with three major music companies called MySpace Music.


The joint venture will include Vivendi's Universal Music Group, Sony BMG Music Entertainment and Warner Music Group as minority stake holders in the new company.

The new company will offer free music audio and video streaming supported by advertising, paid-for MP3 downloads, ringtones, artist ticket sales and merchandise.

(Reporting by Yinka Adegoke, editing by Dave Zimmerman)
© Copyright 2007 Reuters.