The NY Post says Warner Music Group (WMG) and Sony-BMG are ready to join MySpace's "Hulu For Music" joint venture, and may sign on as soon as this week. We've heard this before -- in fact, we've reported this before: Earlier in the month, one source told us that "deal terms were nearly done" (while other sources said our source was drunk).

But we won't be surprised to see either label sign on MySpace's proposed venture, in which News Corp.'s (NWS) social network would co-own a music site with all of the major labels, a la Hulu's Fox/NBC JV. Warner execs, in particular, have seemed bullish about the idea, and last week WMG digital boss Michael Nash all but confirmed that his company was interested.

The big offering: Ad-supported streaming music, a la iMeem. The site would also sell downloads, giving the labels their own putative competitor to Apple's iTunes.

But in order for this to really work, the JV will need all of the big labels to join in, which means it also needs EMI and Universal Music Group, the world's biggest music company. But UMG is still suing MySpace over copyright violations, so any deal will have to first solve that lawsuit, presumably with a big slug of cash.

See Also: Warner Music: Yes, We're Working With MySpace

MySpace Music Ready To Go?