In a sign of the companies' divergent fortunes, MySpace says it will let its users log in to their Facebook accounts through their MySpace page.

Doing so will port the likes and interests they have listed on their Facebook profiles to MySpace, where they will get a stream of entertainment content based on these interests. The new MySpace feature is called Mashup with Facebook. Update: So MySpace users who Like or follow a given band on Facebook could start seeing updates and content from that artist in their MySpace feed as well without having to duplicate the effort of following that same artist on MySpace.

“With a one-click setup, MySpace ports the likes and interest from a Facebook users’ profile and enables their stream to become immediately populated with all the entertainment content that they have already ‘Liked’ on Facebook,” MySpace CEO Mike Jones said on a conference call this afternoon. “Users also have the ability to tailor their own streams based on recommendations and trending topics bubbling up on Myspace while engaging with other fans that share the same interests and passions in music, celebrities, TV and movies.”

The new Mashup with Facebook feature will roll out later today on the webiste, the executive said.

MySpace users have already been able to sync their status updates to their Facebook profiles. Thursday's announcement is a deeper integration of Facebook's technology into MySpace. It doesn't involve any financial transactions.

Once a mighty rival, MySpace has conceded that it is no longer a social network but a social entertainment destination — think MTV for the Web 2.0 generation. Facebook, meanwhile, is working to become the social overlay of the Web.

Additional reporting by Billboard Staff