MySpace enters joint venture

News Corp's MySpace, the world's largest social networking site, on Wednesday unveiled a long-expected joint venture with all four major music companies in a bid to compete with Apple Inc's market-leading iTunes store.

MySpace Music is designed to win fans with a mix of unlimited free music, comprehensive music catalogs, concert tickets, merchandising and other entertainment features.

The launch of the new service had been dogged by speculation on the start date and the ongoing search for a chief executive.