MySpace snaps up music site imeem for under $1m

LOS ANGELES: MySpace's online music venture with recording labels completed its purchase of song streaming site imeem on Tuesday, scooping up its 16 million users and mobile phone applications for less than $1 million.

In a blog post, MySpace Chief Executive Owen Van Natta said the deal would allow the MySpace Music venture to integrate imeem's offerings over time.

One of imeem's functions that MySpace lacks is a mobile phone application that streams songs on Apple Inc's iPhones and devices using Google Inc's Android operating system, such as the new Droid phone.