MySpace, Universal, Warner join forces

LOS ANGELES, April 3 (UPI) -- MySpace, Universal Music Group and Warner Music Group announced the formation of MySpace Music, a company that will have its headquarters in Los Angeles.

The new company was created to bring together the popular music community with one of the most comprehensive catalogs of music content available online, unveiling a host of new music services and monetization models, the three parties said in a news release.

The financial terms of the partnership weren't disclosed.

The companies said MySpace Music will empower bands and fans with unprecedented digital music service and an e-commerce platform within MySpace that will include DRM-free digital downloads, ad-supported audio and video streaming and a mobile storefront powered by News Corporation's Jamba mobile company.

"Today represents the beginning of a new chapter in the story of modern music -- we're proud to announce the marriage of the world's biggest collection of music content to the world's most popular music community," Chris DeWolfe, chief executive officer of MySpace, said in a statement. "Millions of die-hard music fans and artists already call MySpace Music home -- by partnering with these industry leaders, our vision for MySpace Music as the definitive platform for unlimited artistic expression and unrestricted user experience is finally being realized."