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Media

MySpace Gobbles iLike for Music (NWS, TKTM)

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By Douglas A. McIntyre Updated Published
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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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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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