MySpace buys Facebook friend iLike, a social music service that lets people make music recommendations, share playlists and receive personalized concert alerts. The iLike team, which helped the service extend to 55 million users and 1.5 billion impressions per month, will join MySpace, working from the iLike headquarters.

MySpace August 19 said it agreed to purchase social music application iLike, which soared to popularity on Facebook.

Financial terms of the deal were not disclosed, but MySpace said the iLike music service, which helps people share music recommendations, playlists, and personalized concert alerts, will be unaffected by the acquisition.

The iLike team, which helped the service extend to 55 million users and 1.5 billion impressions per month, will join MySpace, working from the iLike headquarters.

This team includes iLike CEO Ali Partovi, iLike President Hadi Partovi and iLike CTO Nat Brown, all of whom have ties to Microsoft. Ali Partovi founded and sold LinkExchange to Microsoft. Hadi Partovi co-founded and sold TellMe Networks to Microsoft. Brown was an early architect at Microsoft, helping the software giant create the first Xbox, .NET/CLR, and ActiveX/COM/OLE.

"MySpace's strengths have been a long-time source of inspiration for iLike," said Hadi Partovi. "Combining MySpace's existing platform, reach and resources with iLike's syndication network and social discovery tools creates the potential for truly exciting innovation and commerce across any vertical entertainment category -- our combined assets now span all the major social networks. I'm enthusiastic about what this combination will mean for our users, artists, advertisers, and our staff. We are beginning an exciting new journey together."

More to follow after the 2:45 PDT conference call with MySpace CEO Owen Van Natta...