According to the Associated Press, News Corp. could let one of the larger Web search engines, like Google Inc., Yahoo Inc. or Microsoft Corp.’s MSN, take over the search function on MySpace.

“Speaking at the Deutsche Bank Media & Telecom Conference, Peter Chernin, News Corp.’s CEO, said such a move would be one of the most lucrative ways to monetize MySpace, the popular online destination that News Corp. acquired last year.”

Last Year News Corp bought Myspace for 580 million. News Corp is currently looking at ways to profit without appearing “uncool”.