After a number of iterations during its lifetime since it was founded in 2003 and first debuted in 2005, imeem finally gets its exit. We doubt it was the exit founder Dalton Caldwell was hoping for, but the company's trajectory plus the overall bleak state of the online music service playing field (thanks in large part to relentless assault from major label lawsuits) led it to this ultimate fire sale.
It's not known whether the imeem brand will even continue to exist under MySpace management, or whether the talent and assets will be folded into MySpace's own extensive lineup of music and music video offerings. Until the deal is officially announced though, anything could happen. A MySpace spokesperson declined to comment to us on the terms of the sale or the potential roadmap for the company.