News Corp. is working on a joint venture music site between the four major labels and MySpace, according to PaidContent.org.

The site would be similar to Hulu.com, the video venture backed by News Corp. and NBC Universal, which is now in beta.

The music venture would be operated by News Corp.-owned MySpace with EMI, Sony BMG, Universal Music Group and Warner Music Group providing music and getting a content equity stake, according to PaidContent.

Music downloads would be available DRM-free and ad-supported. No label has yet signed on for the venture, but PaidContent cites unnamed sources who say that could change in a matter of weeks.