News Corp. Nears Deal for MySpace China

SHANGHAI, January 29: News Corporation is close to
finalizing a deal for private equity firm IDG to became a joint venture partner
in a localized version of the community website MySpace for the Chinese market.

According to Reuters, News Corp. will own less than 50
percent of MySpace China. IDG-Accel China Growth Fund will also own a stake in
the venture. News Corp. is said to be working with local partners to apply for
an Internet services license from Chinese authorities.

A former Microsoft executive, Luo Chuan, is a potential
candidate to lead MySpace China. Luo has reportedly been working with News
Corp. and IDG to launch MySpace in China since stepping down at Microsoft last
year.