MySpace has confirmed rumours that it's acquiring social music discovery service iLike. No financial terms have been revealed, but figures like $20 million are being thrown around.

"The iLike acquisition advances our relentless pursuit of innovation and the need to create new distributed social experiences in music and beyond", said Owen Van Natta - MySpace's new CEO. "We are deeply committed to bringing world class talent into all areas of the company and this acquisition demonstrates our focus on this objective".

iLike has 55 million users and the deal focuses on MySpace's key music strengths. iLike's President, Hadi Partovi, said: "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".

iLike's users shouldn't see any difference in the short term, but expect the functionality to be integrated slowly into MySpace's site over the next year or so.