MySpace Buys imeem, Rolls it Into MySpace Music

MySpace announced today that it has completed a deal to acquire "certain assets" of the popular social media music service imeem. imeem is now redirecting to MySpace Music. "MySpace Music and imeem share a common vision and commitment to further enabling the socialization of content across the Web," says MySpace CEO Owen Van Natta. "This deal will allow us to leverage imeem’s industry leading technology and over time, meaningfully integrate their products into the MySpace Music experience." "Since its inception in 2003, imeem has built a highly engaged music community of more than 16 million users worldwide," says Van Natta. "imeem helped pioneer the ad-supported digital music model and created the Web’s first embeddable music and video playlists enabling users to embed songs and playlists virtually anywhere on the Web, including MySpace." MySpace will be taking on imeem CEO Dalton Caldwell, CTO Brian Berg, COO Ali Aydar and VP of Sales David Wade as consultants to help manage the transition. Financial terms were not made available in the announcement. Mike Arrington says it's less than $1 million. MySpace says that in the coming weeks, they will be working as quickly as possible to take aspects of imeem and migrate them to MySpace Music. The company says they'll be working to offer users the imeem playlists they created.