MySpace.com looking for a potential partner in China

News Corp. has said in a statement that they can potentially announce a Chinese version of their social networking website MySpace.com during this fiscal year if they can find a suitable partner for this venture.

The company added that they are on their way to generate revenue in excess of $500 million at its Internet division in fiscal 2007.

News Corp. Chief Operating Officer Peter Chernin said in a statement: “We’ve had some conversations. It’s possible, if we can find some joint venture that makes sense.”

The company just recently announced that they are getting into a venture with Japan based SoftBank to launch a version of MySpace in Japan.