Whether Myspace will still be around when the new deal expires remains to be seen.

Under the terms of the new agreement, Google will continue to power Myspace search functionalities and advertising, and will also provide additional display advertising services.

We’re still digging for further details on the deal, but we should note that the former $900 million deal between Google and the News Corp.-owned company, first announced in August 2006, expired on June 30, 2010. And that there is absolutely no way the agreement was renegotiated on similar terms.

Myspace is on a steady decline in terms of revenues and, more importantly, mindshare and traffic, as it’s clinging on to rapidly growing rival Facebook in an effort to stay relevant despite a recent, deep redesign and a new mobile site and apps.

News Corp COO Chase Carey recently started that the company is open to a sale of the beleaguered social network.

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Authors: Robin Wauters

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