MySpace to acquire music discovery service iLike

It was no secret that social network MySpace was looking to acquire music discovery service iLike, thanks to reports earlier this week. Today, however, it was made official.

Financial terms of the deal were not disclosed, but rumors this week valued iLike at around $20 million after subtracting the cost MySpace will incur from maintaining the entire iLike staff, which includes CEO Ali Partovi, President Hadi Partovi, CTO Nat Brown, and all 26 employees.

"Combining MySpace's existing platform, reach and resources with iLike's syndication network and social discovery tools creates the potential for truly exciting innovation and commerce across any vertical entertainment category -- our combined assets now span all the major social networks. I'm enthusiastic about what this combination will mean for our users, artists, advertisers, and our staff. We are beginning an exciting new journey together," said Hadi Partovi this afternoon.

iLike will be extended beyond music discovery, MySpace CEO Owen Van Natta said in today's press conference, and will grow to encompass entertainment, video, and games. Van Natta also referenced the other social networks where iLike is popular (most notably Facebook), saying he thinks users will be "thrilled that we're going to be making iLike an even richer experience within their environments."