MySpace Music Ready To Go? (NWS)

We’re getting mixed messages re: MySpace’s new venture, a “Hulu for music” site that would be co-owned by News Corp.’s (NWS) social network and the big labels. Yesterday we were told that Universal Music Group, the world’s biggest label, wasn’t yet ready to settle its lawsuit with MySpace. But this morning a trustworthy source tells us that MySpace is indeed ready to launch, with “deal terms nearly done.”

So. Either someone is hallucinating — or MySpace is ready to launch its venture without buy-in from UMG. We’ll update when we hear more.

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