Myspace Swagga jackin iTunes

MySpace’s plan to launch a digital-music joint venture with the major record companies is picking up steam, as the social networking giant nears deals with Sony BMG and Warner Music Group, multiple sources familiar with the situation told The Post.

The agreements could be signed as soon as this week. The service is expected to launch later this year.

The new Myspace Music site will turn to a pay-per-download basis, focusing on the digital sales of music in MP3, ringtone, and video forms. New ad-supported videos and label campaigns will also play a role in the transformation. To make a long story short: Fox is going to be rolling around in our hard earned money.

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