As reported earlier this week, MySpace officially announced Wednesday that it acquired social music service iLike. Terms of the transaction were not disclosed.

The two parties said the entire iLike team will remain intact, including CEO Ali Partovi, president Hadi Partovi and chief technology officer Nat Brown, and iLike will remain headquartered in Seattle.

MySpace has its own MySpace Music service, while iLike boasts more than 50 million registered users on other social-networking applications including Facebook, Bebo and Hi5, TechCrunch reported earlier this week, adding that almost 10 million Facebook users use the iLike application every month.

TechCrunch said iLike raised a total of $16.5 million from Ticketmaster and the three executives mentioned above, and it was reportedly seeking a new round of funding that would not include Ticketmaster.

MySpace CEO Owen Van Natta said:

The iLike acquisition advances our relentless pursuit of innovation and the need to create new distributed social experiences in music and beyond. We are deeply committed to bringing world-class talent into all areas of the company, and this acquisition demonstrates our focus on this objective.

And Hadi Partovi added:

MySpace’s strengths have been a long-time source of inspiration for iLike. Combining MySpace’s existing platform, reach and resources with iLike’s syndication network and social discovery tools creates the potential for truly exciting innovation and commerce across any vertical entertainment category. Our combined assets now span all of the major social networks. I’m enthusiastic about what this combination will mean for our users, artists, advertisers and our staff. We are beginning an exciting new journey together.