MySpace Buys Popular Facebook App iLike

After rumors of an impending deal leaked two days earlier, MySpace officially announced its acquisition of music startup iLike on Wednesday. Though terms of the deal were not disclosed, AllThingsD reported that the unit of News Corp. paid $13.5 million in cash upfront, and promised an additional $6 million to retain founders Ali and Hadi Partovi and other iLike talent.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.