MySpace has announced a new Mashup with Facebook feature that allows users to easily create a personalized stream of entertainment content. Yes, this means users can now log in to MySpace with their Facebook account.

Mashup with Facebook was announced by the two companies. The result is a Facebook Connect button on the MySpace homepage that enables personalization and sharing features on the website. Users who login with Facebook (or connect their existing MySpace account to Facebook) will be able to pull in their likes and interests, which immediately populates their stream with relevant entertainment content. Users can of course customize their streams based on recommendations and trending topics already on Myspace. There are also plans to integrate Like buttons across the site so that MySpace content gets shared back on Facebook.

MySpace has finally realized what everyone did a few years ago: Facebook has won the social networking race and there's no use trying to catch up. While the company is essentially admitting it will never be as big as Facebook, the move may save the website. There is a chance that Facebook will drive a fair amount of traffic to MySpace, thanks to this new feature.

"We are thrilled to further our collaboration with Facebook through Mashup with Facebook," Mike Jones, CEO of Myspace, said in a statement. "This new feature is a great illustration of our strategy around social entertainment and enabling the real-time stream. The stream is one of our most popular features on Myspace, and it is now delivering an even richer entertainment experience of relevant content for our users to enjoy. "I'm particularly excited because so many people will be able to have the immediate satisfaction of enjoying their own entertainment program that they have customized themselves as well as connecting to all their passions and to the Myspace community at large."