MySpace will acquire the popular music discovery service iLike that allows users listen to and share music across social networks.

iLike reportedly turned down an offer from rival Facebook, where it is the top music application.

The company has 55 million registered users and has been prominent on most social networks apart from MySpace.

The terms of the deal were not disclosed but the blogosphere has reported that iLike was sold "fairly cheaply" at about $20m (£12.4m).

It is not known how this acquisition will ultimately affect iLike's relationship with Facebook, which has been home to much of iLike's activity. It has been estimated that 80% of its traffic comes from Facebook.
The deal was not unexpected and had been heavily trailed by blogs like TechCrunch.