Social networking site MySpace is considering launching a magazine, according to media reports. 

An article in Advertising Age suggested that the magazine would feature prominent members of the MySpace community and their interests. 

"We are in the process of modelling it," a MySpace executive close to the discussions told Advertising Age. "Our main concern is the MySpace brand. We do not want to do anything that would hurt the brand."

MySpace is reportedly teaming up with Nylon magazine to produce the issue. MySpace has worked with Nylon in the past, providing interactive online features for its music issue earlier in the year. 

By licensing the name to Nylon, MySpace would be under very little financial risk from the venture but needs to be careful not to damage the site's reputation by producing a poor product.

MySpace was acquired by Rupert Murdoch's News Corporation in July last year for £330m.