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Tuesday, February 09, 2010

MySpace Acquires Music Networking Site Imeem

November 19, 2009
MySpace announced Wednesday that it has acquired music-based, social networking site Imeem. Terms of the deal were not announced, but CNet's sources report that the transaction is valued at close to $8 million, with $1 million paid out in cash. The price tag is a major loss for Imeem's investors, who reportedly spent over $30 million on the ad-supported music site.

CNet reports that Imeem will continue under its own name for the near future, though its assets could eventually be folded in with MySpace Music. The Washington Post and CNet both report that at least half of Imeem's current staff is expected to be let go.

Additionally, Imeem had been backed by all four of the major labels, but a source tells CNet that one of the labels exited Imeem a few weeks ago.

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