Well, at least MySpace is. The New York Post is reporting that Warner Music Group and Sony BMG are planning a joint venture with the social networking site.
According to the Post "the labels are trading content rights in exchange for minority equity stakes in MySpace Music."
My Space already has a portal that promotes music and lists event dates. The music downloads probably will be available there.
MySpace is owned by News Corp, the same company that owns the Post and MySpace.
Since the Post and MySpace are owned by the same company, it's no wonder that one will know news and gossip about the other!