First Reuters announces that it'll be launching a social news service similar to MySpace. Now it turns out MySpace is rumored to be working on a news service (that probably won't really compete head to head with Reuters).

The upcoming MySpace news venture will allow users to post news clips on their personal pages, share those clips with others, and rate and comment on others' news items. We're guessing you'll find much more entertainment and general interest new on MySpace than on tech-heavy sites like Digg and Slashdot.

MySpace News should launch within the next few months.

[via Webware]