One of the biggest news agencies, News Corporation, has reportedly entered into talks with Internet big hitters, Google Inc., Microsoft Corporation and Yahoo! Inc. in an effort to gain advertising space on one of the major social networking platforms, MySpace, since deal between Google and MySpace is poised to end soon. As per the existing deal between Google and MySpace, the search industry behemoth had agreed to provide as much as $900 million to MySpace, in lieu of putting small advertisements on the website. Along with the advertisement deal, Google had also agreed upon providing search related assistance to MySpace and other small websites owned by Rupert Murdoch’s News Corporation.

However, even with the existing Google deal in effect, MySpace has been a subject to quite a substantially low amount of web traffic and the deal itself expires in the month of August this month. As per numerous sources, if News Corp. decides to get into another venture with Google Inc, then the deal itself would be less focused on monetary gains, which in turn might have a negative impact on MySpace, a service that has been witnessing continuous decrease in advertising revenues. New Corporation had acquired MySpace along with its parent company for $650 million and had entered into a deal with Google in the year 2006. With the phenomenal expansion of Facebook, a company that is regarded as the epitome of social networking, MySpace is now undergoing a thorough remodeling efforts.

To ensure the success of MySpace, News Corporation gave the reigns of MySpace to d Chief Digital Officer, Jon Miller. Even though MySpace is being renovated, News Corp. is still considering the revamp process as a test to assess, whether or not a rejuvenated service is able to attract users as well as advertisers.

Via Reuters