Social music discovery engine, iLike is going to have a change of fortune as reports of MySpace acquiring it break free. The cash value for this deal is put close to $20 Million, though there has been no word to confirm or deny this from either party. iLike has grown in popularity since it went live back in 2006 and its acquisition by MySpace sounds quite justified as the once leading social network feels the need to define that MySpace is all about entertainment and not just a social network. The other interesting aspect is that iLike gets a bulk of its traffic, close to 10 million users a month from Facebook the source of all trouble for MySpace.

It will be interesting to see how this shapes up for both online entities but MySpace can really tick itself higher on the social networking graph. Primarily because iLike is definitely a favorite of a huge online audience and might just provide the social network the right ingredient to pull crowds in. We will confirm as we hear more on the news.

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