A letter of agreement was signed for MySpace to acquire music-streaming service iMeem, confirming reports that broke earlier this week, TechCrunch and paidContent reported.

According to paidContent, the deal is for some $1 million in cash, but its value is actually around $7 million-$9 million, along with an earnout for employees who make the move to MySpace.

paidContent added that about one-half of iMeem’s 50 employees will be retained by MySpace, but the fates of co-founder and CEO Dalton Caldwell and chief operating officer Ali Aydar were unclear.