MySpace, which has found its standing in the social networking world slip following the rise of Facebook and Twitter, is reportedly about to acquire...

MySpace, which has found its standing in the social networking world slip following the rise of Facebook and Twitter, is reportedly about to acquire the social music service iLike for about $20 million. The Washington Post and Tech Crunch reported that the purchase marks the first by MySpace’s new CEO Owen Van Natta. iLike has about 50 million registered users, and it makes music recommendations based on their preferences and those of their friends.