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MySpace, the yesterday-man of social networking sites, has reportedly bought Imeem for an undisclosed sum.

Neither firm is commenting on the deal but it’s understood that News Corp-owned MySpace has stumped up around $8m for Imeem.

The acquisition of the ad-supported site represents MySpace’s latest move into overhauling its lagging site as a music property.

Imeem allows web junkies to create and share playlists of their favourite photos, songs, and videos. When the startup first emerged from the Web 2.0 swamp in 2006 following a revamp of its service, users were able to freely share almost any content.

In July 2007 all that changed in the wake of a lawsuit filed by Warner Music Group in May that year. Warner settled with Imeem after the firm agreed to tweak the terms of its service by cracking down on unauthorised streaming and inking a deal to share ad revenue with content owners.

It’s understood that Imeem will for the time being operate independently of MySpace, but some are speculating that the brand will eventually be munched up by MySpace Music. ®

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