Reports are swirling that News Corp. is considering starting a magazine out of MySpace, with Nylon as a partner. Says AdAge: “The editorial mix would likely cover standout MySpace members and their interests, from music to their social scenes.”

Years ago now, when Time Warner made its disastrous merger with AOL, I suggested to editors there that they should start an AOL magazine making the people in its boards and chats the stars. Went nowhere. Even right after the merger, there was no hope of synergy within what as then AOL Time Warner.

If I were to make that suggestion today, I’m not sure I’d push for a magazine, especially to News Corp. (where I used to work, on a magazine). Why not a TV show? You want a reality show? MySpace is a reality show. Or make a show out of all the YouTubes that the MySpacers make famous; it already is a network. MySpace as a brand could be everything that Current isn’t.

: LATER: J-prof Andrew Grant-Adamson reports that students in his class couldn’t rustle up enough support for a MySpace magazine. Doesn’t bode well.