MySpace launched a new version of its Web site centered around music and entertainment, as the social networking company attempts to regain its former appeal in a market it helped create.

MySpace Chief Executive Mike Jones said that News Corp-owned MySpace is no longer seeking to compete head-on with social networking company Facebook, and is recasting itself as a complimentary service that he hopes the 35-year-old-and-under crowd will flock to to stay abreast of the hottest music and videos. Get the full story »