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After the idea had seen through a lot of phases and being talked of quite a bit, MySpace finally brought forward the news of bringing out MySpace Music. The idea had seen quite a lot of hiccups ever since unauthorized songs from artists like Jay-Z and U2, but DeWolfe and Anderson struck negotiations with the music industry.

The latest setup amalgamates music rights from the giants in music industry with those already partnered with MySpace Music. TechCrunch reports of MySpace ready to come out with the names and number of launch partners soon.

The partners are deemed to be Sony Pictures, McDonalds and Toyota with each of the ad campaigns set to fetch revenue in millions of dollars. And to add more to it, MySpace is already up for a massive capital raise. The eyes are fixed at fetching around $100 million as the company is being valuated at 2 billion.

What’s surprising here is that MySpace finds the current raise below their expectations and the company is looking forward for later attempts at raising the amount. Given the mammoth userbase that totals to 120 million users, MySpace is only second to iTunes, in terms of users and promoting music. There is no doubt that the deal would be pinned pretty soon and the only thing keeping it at bay may be a CEO taking charge of the service.