MySpace Announces Online Music Venture

News Corp.'s MySpace says it's launching an online music service as part of a joint venture with three of the largest recording companies. Users will be able to listen to music and watch videos for free and purchase music downloads directly from the Web site.

The popular online hangout said Thursday it is being joined in the venture by Universal Music Group, Sony BMG Music Entertainment and Warner Music Group Corp.

The fourth largest music company, EMI Group PLC, is not part of the deal.

MySpace did not disclose financial details of its new venture.

Called MySpace Music, the service will generate revenue through music download sales, advertising and sales of concert tickets, merchandise and ringtones.