MediaFile

Watch out Steve! MySpace is days away from unveiling a site that actually may give Apple’s  iTunes some competition in the digital music space.
Sources familiar with the matter tell Reuters that a joint venture between MySpace and at least three major music companies offering music streaming, MP3 downloads, concert tickets, ringtones and merchandise is just days away.
Sony BMG Music, Universal Music Group and Warner Music will have a stake in the venture they hope will take a bite out of Apple’s grip on their industry. It’s unclear if EMI Group, the fourth-largest music label, will be involved.
The labels have been talking for weeks with News Corp’s MySpace, but a 2006 copyright lawsuit by market leader Universal against MySpace has been a sticking point. Imagine a music company suing over copyright! One source said that suit could be settled in time for the announcement.
It’s not clear when MySpace Music would be launched.
All the companies either declined to comment or were not immediately available.
Long singing the blues over Apple’s strong-armed pricing tactics, some big labels have refused to sign long-term deals with iTunes, now the No. 2 music retailer in the U.S.
Will MySpace Music hit a chord with Steve Jobs, who may finally need to change his tune to sweeten the pot for the record companies?

Yahoo’s surprise three-year forecast announcement on Tuesday lays out why the Internet giant has refused to budge from its belief that Microsoft’s bid severely undervalues the company.

The Sunnyvale, Calif. company believes it can nearly double its operating cash flow to $3.7 billion and boost revenue, excluding payments to affiliates, to $8.8 billion. Built into the forecast is an expectation of $1.9 billion of additional revenue over three years in display video advertising revenue, outpacing market growth rates, Yahoo said.

It also reaffirmed previously issued first quarter and full year 2008 forecasts.