Industry experts predicted that some sort of collaboration was on the cards, and now it's been confirmed - MySpace has taken Facebook on board in a bid to boost its dwindling reputation.

The once undisputed heavyweight champion of the social networking arena, MySpace, has now announced an integration with its former arch nemesis; it is calling the project Mashup with Facebook.

Facebook likes and dislikes will be interwoven into MySpace entertainment streams, once you opt in to the new service. You'll get recommendations of topic pages and subscription suggestions for programming, based on your Facebook profile.

"We are thrilled to further our collaboration with Facebook through Mashup with Facebook", said Mike Jones, CEO of Myspace.

"This new feature is a great illustration of our strategy around social entertainment and enabling the real-time stream. The stream is one of our most popular features on Myspace, and it is now delivering an even richer entertainment experience of relevant content for our users to enjoy.

"I’m particularly excited because so many people will be able to have the immediate satisfaction of enjoying their own entertainment program that they have customized themselves as well as connecting to all their passions and to the Myspace community at large".

"Myspace is giving people an easy way to bring their favourite bands, celebrities and movies from Facebook to create a personalized experience on Myspace from the start", added Dan Rose, VP of partnerships and platform marketing at Facebook.

However you look at it, this is a massive win for Zuckerberg Inc. Not only has Facebook obliterated its competition, it now has its rivals reaching out for handouts to stay alive.

That $580 million is looking like a very expensive mistake now for Murdoch.