News Corp. (NASDAQ: NWS), via the MySpace unit, has announced that it is acquiring a social music discovery service called iLike. Financial terms were not disclosed, but iLike’s co-founders and twin brothers Ali and Hadi Partovi and Chief Technology Officer Nat Brown will remain with the company. iLike was founded in 2006 and has become one of the more popular widgets on social sites.
The company even has a widget on Facebook and has a music download offering as well. If you go to the site, iLike says “join over 50 million music lovers across Facebook, Bebo, Orkut, hi5, and Google.” The press release notes that this is the largest music application across all social networks with 55 million total users and 1.5 billion monthly impressions.
Whether or not the company will get to keep its widget app on MySpace’s rivals through time is yet to be seen.
We saw a figure of $20 million over at AllThingsDigital this week as the purchase price, but that figure has not been confirmed. Our data shows that Ticketmaster Entertainment, Inc. (NASDAQ: TKTM) also took a 25% stake in iLike via a prior investment.
JON C. OGG
August 19, 2009
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