While MySpace still hasn't officially confirmed it, the social network's acquisition of music service imeem is said to be done deal. Various reports claim that MySpace will be paying $1 million in cash for imeem, and will also shell out between $7 million and $9 million in earnouts for a number of the latter's employees.

imeem, which has deals with three major labels (one big player dropped out a little while back) and thousands independent artists, provides ad-supported on-demand music and video streaming, and has most recently joined Google's OneBox music search project.

Following the closure of the acquisition deal imeem is expected to continue running its service but, eventually will be integrated into MySpace Music. About half of imeem's employees are expected to keep their job after the buy.