MUMBAI: US media conglomerate News Corp is looking to launch its social networking site MySpace in China within the next few months.

It has finalised a deal with partners, including private equity heavyweight IDG and reports indicate that News Corp will have a 50 per cent stake in the venture.

The IDG-Accel China Growth Fund, managed by venture firm International Data Group Technology Venture Investment, will also own a stake.

The deal, if successful, will be a positive move for News Corp which has made several attempts to tap China’s rapidly growing media market.

But the venture will have to negotiate with China’s strict regulation of media content, as well as compromise on potentially sensitive content.