NEW YORK - News Corp's MySpace, the world's largest social networking site, said on Sunday its long-expected MySpace Music joint venture with three major music labels will launch with four major sponsors underwriting the costs of streaming free music to millions of MySpace users.

MySpace said McDonald's, Sony Pictures, Toyota and State Farm will power access to be to a range of new music services by sponsoring a mix of free downloads, song playlists, and personal music players.

“With MySpace Music integration, premium brands are offering our users and their customers new ways to discover, experience, and share music online and offline, said Jeff Berman, president of sales and marketing at MySpace."

MySpace first announced in April it will be forming a joint venture with Sony BMG Music Entertainment, Universal Music Group and Warner Music Group.

The partners said the new venture would offer a range of streaming, downloads, videos, ticketing, merchandising and much else as it aimed to be a the ultimate one-stop for music fans.

At the time the MySpace Chief Executive Chris De Wolfe said the company was seeking a chief executive or president of MySpace Music to report to himself and the music labels.