News Corp-Owned MySpace Starting Music Label

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As has been an open-secret over the last few months, MySpace, now owned by News Corp, is launching a music label, called MySpace Records. Its partner in the label venture is Vivendi Universal SA’s Interscope Records, the powerhouse home of Eminem, Gwen Stefani and U2.

News Corp will wholly own the new label, with Interscope making financial investments when the two comapnies want to break a bigger act to the mainstream. Interscope will produce and distribute other releases, for a fee.

The label’s first release, a compilation called “MySpace Record Volume 1,” is due out Nov. 15 and slated to be sold through retail outlets.

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