News Corp has made no secret of the fact that it's looking to unload Myspace. Rupert Murdoch's media conglomerate even called on investment bank Allen & Co.  to help in finding a suitor. And it looks like it may have found one in Vevo

Reuters is reporting that News Corp has approached the music video streaming site Vevo to discuss its possible acquisition of the fading social network. According to Reuters' source, Vevo initially turned down the opportunity to purchase all of Myspace, but there's still a chance the two companies may work out some sort of joint venture. 

Why would Vevo want Myspace? 

Forget about Myspace's traditional role as a social network. The most lucrative part of the company is Myspace Music, a venture between Myspace, Universal Music Group, Sony Music Entertainment, Warner Music Group, and EMI Music. Myspace Music could help transform Vevo, which is owned by Sony Music and Universal Music, into a larger online music destination. 

As of now both companies are still in talks, but Reuters' source says the chance of that joint venture going down is "very slim". 

[via Reuters]