- MySpace is rumored to be snooping around for more capital for the upcoming launch of MySpace Music.
- They are already partnered with 3 of the big 4 music labels for DRM free streaming music as well as as major advertising deals with McDonalds, Sony, State Farm and Toyota.
- MySpace is said to be looking to trade 5% of the new venture in exchange for $100m. They have already put in $150m of their own money.
- This would be similar to the equity stake Hulu gave up to Providence Capital in 2007 for their $100m investment.
- They still do not have a CEO in place, but MySpace CEO Chris DeWolfe is going ahead with the launch in the next few weeks himself.
Made tiny from: TechCrunch.com original post