MySpace has acquired music-sharing service iLike.

Founded in 2006 by brothers Ali and Hadi Partovi, iLike is the largest music application with 55 million total users across several social networks, including a significant amount on Facebook.

In a press release yesterday, MySpace and iLike said current iLike users and the artist community "should expect the iLike experience to be unaffected by the acquisition," which we can only assume means those using the service via Facebook will still be allowed to do so. Financial terms of the acquisition were not released although word on the street is News Corp. paid $20 million for the company.

It's not yet clear what MySpace and iLike have planned. According to NYT, Owen Van Natta, CEO of MySpace said, "We want to make sure we don’t disrupt any of the good things iLike is doing."

That said, Van Natta continued on to say that over time, the goal was to "find ways which we can leverage that talent more broadly across MySpace."

Read more here.