News Corp. is in preliminary talks to give control of Myspace to Vevo.com, the site partly owned by top record companies, including Universal Music and Sony Music, according to a Bloomberg report. News Corp. has been looking to unload the social media site, which continues to lose ground, despite the recent redesign and ramped up entertainment content. A year ago, Owen Van Natta stepped down as MySpace’s CEO, replaced by Mike Jones and Jason Hirschhorn.

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