Five News, headed by Natasha Kaplinsky, is now going to be available on MySpace.
The deal is claimed to be the first of its kind and will enable the social networking site and a national news channel to exchange content.
A MySpace spokeswoman told Marketing News that the partnership will allow its nine million unique users to "directly interact" with the Five News show.
They will be able to share clips with friends as well as message the news team.
Five News will also use MySpace as a news gathering resource, and invite MySpace users to upload their own content for possible inclusion in the show.
The key feature of the deal is, however, the MySpace News Bulletin, a daily co-branded news broadcast that will be posted online via a new Five/MySpace TV channel.
The news comes just one day after ITV announced it is going to make its TV shows available via Bebo.
ITV has announced the target of growing its digital revenue to £150m a year by 2010, and this latest deal is a key milestone in that process as it is the time that ITV has agreed to provide full-length programming via a third party online.
The first ITV show to be made available on Bebo will be US acquisition Gossip Girl, which airs on ITV2.
According to The Guardian, ITV intends to offer flagship programming from ITV1 in the future but it was decided that the younger demographic appeal of ITV2 shows would be a better initial fit with Bebo's 13-24-year-old fans.
"This is a targeted move to promote specific ITV2 shows to the Bebo audience whilst ultimately driving traffic to itv.com to watch more and proves true 360 commissioning", said Annelies Van den Belt, the managing director of broadband at ITV.
Bebo users can become "fans" of particular programmes so they can be notified when new content is available, and each ITV channel on Bebo will feature content including blogs, galleries, teaser clips, a fan forum and polls.
Users can also embed the broadcaster's video player into their Bebo profile pages and share clips and content.