MySpace, SONY BMG Team On Music Licensing

Los Angeles-based social networking web site MySpace said today that it has signed a new licensing agreement with Sony BMG Music Entertainment. MySpace said that the deal covers streaming music videos and selected audio material from Sony BMG artists. The two companies said that they will also share sponsorship and advertising revenues, and that the deal allows Sony's artists to post music videos on their profile pages. Sony and MySpace will also promote the artists throughout the social networking website. Financial arrangements of the deal were not disclosed. Sony BMG Music Entertainment is a joint venture of Bertelsmann A.G. and Sony Corporation of America; MySpace is a unit of Fox Interactive Media.