These are grim days for MySpace, once the king of the social networking heap.
Millions of Americans still use the site, but in recent months, it has been consistently beaten by Facebook, often by an embarrassingly large margin. Worse yet, MySpace, which was purchased by News Corp. in 2005, is fending off attacks from a batch of young upstarts, including Twitter. “MySpace is not firing on all cylinders like Facebook,” social networking expert Ray Valdes told CNN.com in June. “Their effort to improve the site seems to be fragmented. They need to get on track or they will continue to slide.”
Well, someone in MySpace headquarters was listening. According to TechCrunch, the social network is "close" to acquiring a service called iLike – for the sum of $20 million. As TechCrunch's Michael Arrington notes, if the deal goes through, it will be "MySpace's first acquisition since new CEO Owen Van Natta took control of the company in April 2009." In addition, a potential agreement could herald a new direction for MySpace, which has struggled to find its niche in the changing media landscape.