News Corp. is in talks to hand over control of social media website MySpace to Vevo.com, an online music website partly owned by the world’s largest record companies, Bloomberg reported.

The talks are preliminary, and an agreement may not be reached, said sources who weren’t authorized to speak publicly. Under the scenario being discussed, News Corp. would exchange MySpace for a stake in a new venture. Vevo.com is one of several parties looking at MySpace, sources said.