MySpace's plan for global domination continues as the social-networking site is set to launch a local version in China within the next few months, Reuters reports.

Financial and Chinese governmental sources confirm that Rupert Murdoch's News. Corp is finalizing a deal with partners to launch the Chinese site, taking less than a 50 percent stake. The IDG-Accel China Growth Fund, managed by venture firm International Data Group Technology Venture Investment, are reported to also have a stake in the venture.

A Chinese site would be a victory for News. Corp, which has made tapping into that vast market a growth priority. But MySpace could face potential problems over content. China strictly regulates media content, and News Corp. will likely need to reach compromises with China's censors.

Wendi Deng, Murdoch's wife, was a chief negotiator in the deal and is expected to hold a seat on the Chinese site's board.