iLike, the popular music discovery service, has been bought by MySpace for an undisclosed sum (thought to be in the region of $20 million / £12 million).

MySpace has nabbed the company in a bid to arrest its accelerating decline in the face of Facebook popularity, and in doing so now owns one of the most popular apps on the rival site.

It's not currently known whether the deal will mean the iLike app being pulled from Facebook, but given a vast numbers of the estimated user base comes from the site it's unlikely.

However, it's possible Facebook could be unwilling to host a service from its main rival and could sacrifice users in order to maintain that stance.

MySpace, not MySpace music

iLike founders Ali and Hadi Partovi and Nat Brown will take unconfirmed roles within MySpace as part of the deal.

It's important to note that it's the main MySpace site that's picked up the deal, and not MySpace Music, which is a separately run venture in collaboration with the big record labels.

The move to buy iLike means that MySpace is helping to enrich the band pages it currently hosts (and is the number one site still for bands) to help users discover new music.

Via Reuters and TechCrunch