Los Angeles - News Corp.'s MySpace online social network announced on Tuesday a new licensing agreement with major record label Sony BMG, that will allow MySpace's 70 million U.S. monthly users to watch streaming music videos and access select audio material and other content from Sony BMG artists.

The deal calls for MySpace and Sony BMG to share in sponsorship and ad revenues from content posted to Sony BMG artists' pages on MySpace, which MySpace will promote throughout the site.

"We are happy to be working with MySpace as we continue to develop new approaches to doing business online," said Thomas Hesse, president of Sony BMG's global digital business & U.S. sales.

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