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source: nytimes.com

MySpace, the social networking platform, is in talks to acquire struggling free music streaming site  imeem, The Associated Press reported, citing two people familiar with the matter.
An announcement could be weeks away, and terms are still being negotiated, but MySpace is trying to revamp itself and its MySpace Music joint venture with the major recording companies, the news service said.
An acquisition could bolster the unit of News Corporation by adding imeem’s approximately 4.5 million users, its technology and its executives, including the firm’s founder and chief executive, Dalton Caldwell, The Associated Press said.
MySpace recently bought music recommendation service iLike for $20 million and gave the founding Partovi brothers new executive roles.
News of the talks was first reported TechCrunch, which noted that imeem has raised at least $25 million funding, along with at least $10 million in debt.
San Francisco-based imeem launched its advertising-supported free music business in 2007, but the company is having trouble making ends meet. Users create profiles and can recommend music to others or find out what they’re listening to, similar to users of MySpace Music.

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