News Corp.'s

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MySpace Web site said Friday it will take its first stab at selling music online, according to a

Reuters

report.

By the end of the year, MySpace plans to allow bands without record label contracts to sell music on the site. The service will be managed by Snocap, a digital licensing company started by Napster founder Shawn Fanning.

With more than 106 million users, MySpace already has a huge built-in audience, and many musicians have already been using the site to promote their work.

Apple's

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iTunes has emerged as the dominant Internet music store, although unlike the planned MySpace service, iTunes offers recordings by established musicians with recording contracts.

MySpace is an online community site that allows its users -- primarily teens and young adults -- to share pictures, music and personal profiles.

News Corp. shares ended Friday up 19 cents at $20.06.