It looks like MySpace has finally completed its latest acquisition of one of the most important assets for their music service. The iMeem deal was officially announced today with MySpace purchasing the assets of the company for the price of $1 million.

This is not breaking news as recently this was reported by Michael Arrington at Tech crunch last month. However due to some of iMeem’s assets being leased equipment, which required extensive negotiation above and beyond the normal asset acquisition phase.

iMeem is being acquired by MySpace music, not MySpace. MySpace music exists solely as a joint venture between music labels and MySpace.

Now that the deal is officially closed, MySpace music will assume all of iMeem’s remaining assets. They will also begin the transition to bring the 16 million monthly users over to the new platform on MySpace music.

iMeem’s users will have all of their playlists migrated over so that the transition appears seamless. Here’s to hoping that MySpace can pull this off successfully, at least for the user’s sake.

This comes on the tails of MySpace’s recent reorganization and rebranding of the once popular social network. MySpace has taken a stance that it will become an outlet for musicians, bands, artists and digital millennium. This was once MySpace’s core features.

Since being overtaken by Facebook, MySpace has struggled with acceptance in the social space. Growth has flatlined and if anything users are leaving MySpace for the ever increasingly popular site known as Facebook.

MySpace music is the result of litigation between MySpace and universal music, which is a rather unusual outcome to solve litigation. MySpace created MySpace music as a venture with equity stakes for all the major labels. With the exception of EMI, that is still under negotiations.