Local management to be brought in for site

HONG KONG – News Corp. is preparing a consortium of local partners in order to launch popular social networking Web site MySpace into China.

Local news reports point to News Corp.’s willingness to own less than 50% of the venture and bring in local management in order to be considered as a domestic Chinese company. Group is already working with the local partners to apply for a local Internet services license.

Reports also suggest that likely partners will include IDG-Accel China Growth Fund, a venture capital fund run by International Data Group. (IGD is an equity partner of Reed Elsevier in Variety China.)

Former Microsoft exec Luo Chuan is widely tipped to head the venture. He was previously responsible for launch in China of the MSN portal.

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