Confirming several weeks of rumors, MySpace has revealed that former Interscope and MTV digital music executive Courtney Holt will take the helm of the newly formed MySpace Music venture early next year.

Holt most recently was executive VP of digital music for MTV networks.

Previously, he served as senior VP of new media, creative and strategic marketing at Interscope/Geffen/A&M. He will assume his new role at MySpace on Jan. 5, relocating from New York to Los Angeles and reporting to MySpace CEO Chris DeWolfe.

Holt's appointment as president of MySpace Music ends months of search and speculation. MySpace first announced the formation of the music service back in April, and at that time said it would begin searching for an executive to lead the group. As August rolled around, and the final touches were being added to the site, the lack of a leader became a glaring distraction.

Sources considered for the role cited the rather unique organizational structure of MySpace Music as a sticking point. The major record labels demanded an equity stake in any music service that MySpace launched in return for licensing their songs, MySpace Music was created as a separate joint venture from the broader MySpace service. Participating labels share in the overall revenues made from the service, and all have seats on the board.

Ultimately, MySpace Music went live in September without filling the position.

Candidates said they were uneasy helming a company that would have so many masters, likening the role to more of a general manager than that of a true president or CEO. The vacuum created a rumor mill filled with the kind of wild speculation typically seen only in the weeks before a new iPod announcement.

The addition of Holt puts these rumors to rest and serves as the last piece of the MySpace Music puzzle. Holt's responsibilities include overseeing the growth and development of the company's business, its brand and its global operations.

"MySpace Music cultivates relationships between artists and fans by enabling and reinforcing music discovery both online and offline and providing the tools to customize and personalize their music experience," Holt said in a statement.

"The new company will explore different and evolutionary revenue streams that provide real opportunities for artists and the industry as a whole. I can't wait to help build out those opportunities even further."