Jeff Labrecque
March 29, 2011 AT 02:58 PM EDT

News Corp. is looking to unload Myspace, according to Bloomberg News, and, the fifth-largest music video website, owned by three of the industry’s biggest record companies, is in talks to take over. According to people familiar with the negotiations, News Corp. would swap Myspace for a stake in some new venture with Vevo. News Corp. has hopes to move Myspace, which has seen traffic shrink 29 percent since redesigning its web presence last October, by this June.

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