MySpace Buys Co. Behind Hit Facebook App For $20M

Law360, New York (August 20, 2009, 2:59 PM EDT) -- Social networking Web site MySpace has reached an agreement to acquire iLike, a music recommendation service that is popular among users of MySpace's primary rival Facebook, for a reported $20 million.

The financial terms of the acquisition, announced Wednesday, were not released, but various news organizations, including the Associated Press and the Los Angeles Times, reported the deal at around $20 million.

“The iLike acquisition advances our relentless pursuit of innovation and the need to create new distributed social experiences in music and beyond,” said Owen...
To view the full article, register now.