MySpace acquires iLike for estimated $20 million

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MySpace announced today that it is buying social music service iLike for a rumored $20 million. The move is a part of News Corp's strategy to distinguish itself from competitors like Facebook by surrounding its social network with a music-oriented aura. Ironically, a significant portion of iLike's business is with Facebook and other social sites.

MySpace CEO Owen Van Natta said in a conference call that the company would apply iLike's discovery and sharing technology to all online media, including other entertainment and games. Van Natta believes other social networks will be thrilled that MySpace is "making iLike an even richer environment." He added that the acquisition will not affect iLike's 55 million users, and iLike's staff will continue to operate autonomously.

The team behind the music service is equally as enthusiastic about the deal, calling it a "humbling moment."

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