MySpace Music has completed its acquisition of most of the assets of music service iMeem.

We first broke the news that MySpace was close to acquiring iMeem last month. Two days later, we reported that an agreement was signed to purchase the assets of the company for $1 million in cash.

The deal didn’t close, however, because some of the assets MySpace was going to buy (namely, servers) were actually being leased. So that had to be worked out.

But now it is official. MySpace will be acquiring some of iMeem’s remaining assets and transition its 16 million monthly users over to MySpace Music. Founder Dalton Caldwell, CTO Brian Berg, COO Ali Aydar, and VP of Sales David Wade will oversee the transition on a consulting basis. It is not clear what will happen to IMeem’s other employees.

Read More