MUMBAI: News Corp is in talks with Vevo.com and may give control of Myspace to the music label-owned video site.

News Corp in February had announced that it is exploring the option of a possible sale or spin-off of its distressed social entertainment site.
 
The media conglomerate has roped in boutique investment bank Allen & Co to aid the process. According to some reports, as of February it had already received early interest from nearly 20 parties.

In its talks with the site, the Rupert Murdoch owned company will possibly exchange Myspace for a stake in a new venture.  
 
News Corp acquired Myspace in 2005 for $580 million, beating off Viacom in the bidding. Albeit, a steady rise of Facebook has led to a steep decline of the once-powerful social network.

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