MySpace will soon unveil its masterplan to stop its sliding traffic and advertising revenues, according to the Wall Street Journal. It suggests the site will “become an online hangout for people to connect with friends over entertainment content, whether it’s the new Pearl Jam album, blogs from celebrities like British pop singer Lily Allen or a karaoke contest for the Fox musical comedy Glee”. Chief product officer Jason Hirschhorn suggests that it will be “a social entertainment experience”. An alternative reading of this story: The Wall Street Journal (owner: R.Murdoch) says MySpace (owner: R.Murdoch) is refocusing around the promotion of shows from Fox (owner: R.Murdoch). Now that’s synergy!