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Santa Monica's MySpace Announces Web-Based Label

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Santa Monica-based announced its plans to create its own label dubbed "MySpace Records" that will be manufactured by Universal Music Group's Interscope Records and distributed by Universal's indie Fontana Distribution. Earlier this year, Rupert Murdoch's News Corp. purchased MySpace's parent company, Intermix Media for approximately $580 million.

MySpace Records will debut on November 15 with the release of "MySpace Records: Volume I." This compilation will be priced at $9.98 and will contain tracks by indie, mainstream and unsigned acts, true to the current MySpace music community. Some of those bands include: Weezer, the All-American Rejects, Dashboard Confessional, Fall Out Boy, AFI, Against Me, Plain White T's, New Year's Day and Hollywood Undead.

Hollywood Undead (pictured), an LA-based rap act, is MySpace's first signing. A record is slated for release in Q2 of next year.

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The new label will be housed in the Santa Monica offices and will consist of 7-10 staff members initially.