News Corporation is planning a musical equivalent of its Hulu video venture with NBC, a new report claims. News is allegedly after a deal with the four major music labels -- EMI, Warner, Universal and Sony BMG -- who would each provide equity for a new opeartion. It would be carried and controlled by News' MySpace division, but the intent is to create a shared portal, where people would be able to listen to DRM-free music in exchange for subjecting themselves to advertising.

No labels are as yet onboard; Sony BMG already has close ties with MySpace however, thanks to a deal which splits revenue for ads and sponsorships connected to bands' audio and video content. The site has long had a music focus, catering to artists with special profiles and the ability to sell tracks.