Peter Kafka

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MySpace Acknowledges Imeem Deal and Starts Shutting Down its New Acquisition

The deal was done last month and now both parties are officially announcing it: MySpace has bought Imeem.

News Corp.’s (NWS) social networking service has picked up some of the music service’s employees, and soon the Imeem URL will lead visitor traffic to MySpace. Imeem users can go ahead and toss out their apps for Google’s (GOOG) Android and Apple’s (AAPL) iPhone, which will no longer work. Consolation prize: The MySpace/Imeem guys say they’ll work to transfer Imeem user playlists to MySpace Music. But that’s a little trickier than it ought to be and may take a while.

A refresher on the terms: MySpace is paying around $1 million for Imeem and could end up spending an estimated $9 million or so more on contracts/earnouts for some key employees, including CEO Dalton Caldwell.

And now, dueling blog posts!

imeem blog: imeem is now part of MySpace
We want to share exciting news about imeem–we’re now part of MySpace.
The MySpace team shares our passion for music and vision for giving fans fun ways to discover and socialize around the artists and songs they love. We’re excited to be working together.

Over the coming weeks, we are taking a number of steps to transition the imeem community to MySpace Music, whose features for finding and sharing music are similar to those you now enjoy on imeem.

We are committed to ensuring that the time & creativity you’ve put into imeem isn’t lost. As quickly as possible, we will give imeem users easy ways to recreate your Imeem playlists on MySpace Music.

This morning, we’re taking the first step in this transition. Starting at 1pm Eastern/10am Pacific, visitors to will be guided to MySpace Music to find and play the music they want.

After this change, you will no longer be able to stream music on imeem, through embedded imeem players, or to play Internet radio stations via the imeem Mobile application for Android or iPhone.

We realize these are significant changes. We ask that you bear with us during this transition period, knowing that our team is working together with the MySpace team to create even better new music experiences.

Thank you to everyone for your support and encouragement.

Imeem Becomes Part of MySpace Music
Posted By  Owen Van Natta, CEO
Today, MySpace Music has completed a deal to acquire certain assets of ?imeem–a leading social media music service.?? MySpace Music and imeem share a common vision and commitment to further?enabling the socialization of content across the Web.

This deal will? allow us to leverage imeem’s industry leading technology and over time,?meaningfully integrate their products into the MySpace Music experience. ??Since its inception in 2003, imeem has built a highly engaged music?community of more than 16 million users worldwide.

imeem helped pioneer?the ad-supported digital music model and created the Web’s first?embeddable music and video playlists enabling users to embed songs and?playlists virtually anywhere on the Web, including MySpace. ??In the coming weeks, our team will be working as quickly as possible to? take aspects of imeem that users love and migrate them to MySpace Music.? We’ll start that transition tonight by redirecting imeem users to? MySpace Music to discover their favorite music.

As quickly as ?possible, we’ll be working to offer users the imeem playlists they’ve ?created on MySpace Music.?? We’re also happy to welcome imeem CEO Dalton Caldwell, CTO Brian Berg, COO Ali Aydar, and their VP of National Ad Sales David Wade to the team as consultants to help manage this transition.

During this transition period, we invite all imeem users to check out? MySpace Music’s extensive catalogue of fully licensed music and video?content from major and indie artists, editorial coverage, concerts, and?ticket information.??-Owen

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The problem with the Billionaire Savior phase of the newspaper collapse has always been that billionaires don’t tend to like the kind of authority-questioning journalism that upsets the status quo.

— Ryan Chittum, writing in the Columbia Journalism Review about the promise of Pierre Omidyar’s new media venture with Glenn Greenwald