MySpace Buys Imeem for $1 Million + Earnouts

$1M? Nice, that's about 12 weeks of cushion for everyone involved, enough time for them to look for work.

"As Om Malik reported, the company was hit with a copyright lawsuit by music publisher Orchard Enterprises (ORCD). Fighting the suit or settling it would require significant resources."

Yep, MySpace kicks and gets them while they're down.