MySpace to acquire iLike?
Though iLike rose to fame thanks to an app on Facebook, TechCrunch reports that the music service is about to be sold to one-time rival MySpace.
News Corp.-owned MySpace is "close to acquiring" social music service iLike, according to TechCrunch.
The price tag is rumored to be in the neighborhood of $20 million. Representatives from iLike were not immediately available for comment.
The report comes within days of iLike--a development --with MP3s available from all four major record labels.
The deal, if confirmed as accurate, highlights the often complicated connections in digital media's elite ranks.
iLike, for example, rose to fame through its close ties to Facebook. The iLike application,, was one of the first big applications to launch on Facebook's platform at its debut. Its ad-supported streaming music service has become one of the most prominent in a packed field--it now has about 50 million users and . But the streaming music niche has proven difficult to monetize and has left some players in the space reportedly hunting for an exit.
MySpace, meanwhile, has seen stagnant growth as the once-far-smaller Facebook has rapidly overtaken it in the social-networking race, thanks in part to the proliferation of third-party apps like iLike on Facebook's groundbreaking developer platform. As part of an executive restructuring earlier this year, MySpace, replacing .
Attempting toas a hub for music and pop culture, MySpace , called MySpace Music, and . MySpace Music, a joint venture with the record labels, does not operate its own download store but instead directs users to Amazon MP3 downloads through affiliate links. But MySpace Music from the record labels hoping to profit from it.
Disclosure: CNET News is part of CBS Interactive, which also publishes Last.fm, a competitor to iLike.
Updated at 7:38 a.m. PDT with additional details and background.