Facebook in Talks With Major Music Labels: Report

Social networking site Facebook has approached major music labels about launching a music service, the Financial Times reported on Wednesday, citing people familiar with the matter.

The talks were described as “preliminary.”

The development comes after sources familiar with the discussion told Reuters last week that the major labels had held similar talks with MySpace, the leading social networking site owned by News Corp. (NYSE: NWS).

Privately held Facebook and the four major music companies — Universal Music Group, Sony BMG Music Entertainment, Warner Music Group, and EMI Group — were not immediately available for comment.

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