MySpace is acquiring online music service iLike, as the social-networking site faces a drop-off in visitors and tries to remake itself as a destination for music, videos, games and other entertainment content.
Terms of the deal weren’t disclosed, but a person familiar with the situation said it’s valued at nearly $20 million.
ILike, started by tech industry veterans and brothers Ali and Hadi Partovi, lets users on social-networking sites share music. It was created in 2006 to retool GarageBand.com, which had sought to create an independent music community for recording artists to promote themselves.