MySpace Closing In On Acquiring iMeem

MySpace CEO Owen Van Natta

MySpace is close to purchasing music streaming site iMeem for an unknown price, TechCrunch reports.

According to TechCrunch’s sources, the streaming music service is under the “financial gun” as its business is failing. The company has raised at least $25 million, and has around $10 million in debt.

MySpace purchased another music streaming service, iLike, earlier this year. The social network is being rebuilt around, music, gaming, and video.

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