Can this steam Apple’s transformation into a media company is to be seen.

MySpace said on Thursday that as part of the deal it would turn its popular MySpace Music site into a joint venture, bringing in Universal Music Group, Sony BMG Music Entertainment and Warner Music Group as minority owners. The music companies are expected to make their entire digital music catalogs available for listening and downloading on the new site, which will be introduced later this year.

The deal highlights the music companies’ scramble to keep pace as consumers migrate toward the fast-changing market for digital downloads, upending the industry’s traditional approach to marketing and distribution. It is also an attempt to encourage competition to Apple’s iTunes Store, which some music executives have criticized for exercising too much control in pricing and on other business terms.

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