MySpace and Facebook are rumored to be working in conjunction with each other on a new project. The new project involves MySpace users having the ability to share content on Facebook using Facebook Connect. The rumor was started by The Telegraph UK.
This deal is probably being set up by current MySpace CEO Owen Van Natta. Natta was the previous Chief Revenue Officer and VP of Operations at Facebook. This means that you may start seeing MySpace Videos and music being embedded on the Facebook News Feed. Last week Natta even said that he does not consider Facebook to be a competitor any more.
I think that this would be a good deal all around for both parties. Facebook users would see more artistic expression provided by MySpace users. Artists on MySpace would have a bigger audience.