Amid all the hooplah over MySpace's new digital-music joint venture with three major record companies, there is one loud sour note: MySpace's parent, Fox Interactive Media, is likely to  miss its fiscal-year revenue target, according to several reports today. TechCrunch first reported the shortfall Thursday night.

Rupert Murdoch, chairman of Fox's parent, News Corp., said during an earnings conference call last year that he would be surprised if Fox Interactive Media revenues did not surpass $1 billion.

Apparently as a result, the division is reorganizing, which will mean the departure of its chief revenue officer, Michael Barret.

It is unclear whether the shortfall is a sign of trouble at MySpace or a reflection of a weakening advertising market in general. Adding to the uncertainty is confusion over how hard a target it was. As Staci Kramer notes on paidcontent.org: "It's not clear that it was an actual internal target or the bluest-sky possibility, raising expectations and pressure."

Michael Arrington on TechCrunch says that revenue for the fiscal year that ends in June is likely to come in at around $900 million, with the division—which, in addition to MySpace, has Photobucket, Fox Sports, AmericanIdol.com, and other properties—coming close to breaking even.

Peter Kafka on Silicon Alley Insider says "the miss could be even bigger" but that Fox Interactive executives say that they have a comfortable earning margin.

Arrington contends that the miss could have a big corporate impact, noting that "all employee stock options are tied to profits," including those for the chief executive of MySpace, Chris DeWolfe, and MySpace co-founder, Tom Anderson.