News Corp Set to Launch MySpace.com China Venture
News Corp. is finalizing a deal with partners to launch a networking Web site venture in China within a few months, venture capital and Chinese government sources said on Friday.
News Corp. plans to take less than 50% of the venture, which will establish a Chinese version of the popular MySpace.com site, said sources with knowledge of the deal.
The IDG-Accel China Growth Fund, managed by venture firm International Data Group Technology Venture Investment, would also own a stake, two sources said.
The sources said they could not specify how much money establishing the venture would require as a final agreement had not yet been reached.
News Corp., led by chief executive Rupert Murdoch, bought MySpace, one of the Internet's fastest-growing properties, for $580 million in 2005.
News Corp. officials could not immediately be reached for comment, while IDG declined to comment.