MySpace is in late stage negotiations to acquire music streaming service i Meem , we've confirmed from multiple sources. MySpace is on a bit of an acquisition spree - they acquired iLike , another music service, three months ago. The iMeem acquisition isn't yet finalized, we've heard from sources, and awaits approval from various stakeholders. We don't know the price of the acquisition, but this isn't going to be a big win for investors. iMeem has raised at least $25 million (that we've been able to track ) plus at least another $10 million in debt. But the difficultly in making a free streaming music service work as a business model f orced them to make some hard decisions. Earlier this year they renegotiated label contracts and recapitalized the company, bringing in $6 million in fresh capital . iMeem found a way to survive a few more months. But now they're under the financial gun again, we've heard, and investors aren't willing to put more capital into the company. But MySpace is stepping in to acquire the company.