MySpace's acquisition of imeem is complete. The company officially announced the transaction on its blog after weeks of speculation.

Terms of the deal were not disclosed, but sources with knowledge of the transaction say it was for less than the $1 million figure bandied about in earlier speculation. Also, the MySpace Music joint venture is the entity acquiring imeem, not the MySpace Inc. parent company.

The impact of the deal will be felt immediately. Starting tonight, imeem users will be redirected to MySpace Music. In the coming weeks, the company will migrate playlists created on imeem to MySpace Music profiles as well. On the business end, MySpace Music will also transfer imeem's ongoing ad campaigns on a case-by-case basis where possible.

Sources say MySpace Music is also very interested in imeem's mobile app and technologies. MySpace Music as yet has no mobile outlet, and extending the platform into the mobile space is of keen interest for the company in the year ahead.

Company CEO Dalton Caldwell, CTO Brian Berg and COO Ali Aydar will join MySpace Music as consultants to help "manage the transition." Their involvement is defined as a short-term relationship expected to take a few months, but there is a possibility for more long-term positions.

The deal, and firesale price, was predicated on imeem's lack of cash. The company ran out of money after fourth-quarter ad deals didn't meet projections. Exasperating the problem were the licensing payments due record labels, and a copyright infringement lawsuit from the Orchard.

According to sources familiar with the deal, MySpace Music is not acquiring imeem's licensing deals, which are now in default, as the service has its own arrangements with the music industry through the joint venture.

The imeem deal comes just months after MySpace acquired iLike, but there are differences. iLike was a strategic acquisition planned and executed by MySpace Inc., to benefit multiple areas of MySpace, not just the music site. Imeem, meanwhile, is described as an acquisition of opportunity. The company approached MySpace Music after its cash situation became untenable.

The completion of the deal comes on the heels of Apple's confirmed acquisition of Lala, wrapping up a busy end-of-year consolidation of the digital music market and significantly altering the landscape of digital music services for the year ahead.