Los Angeles ? Social networking hub MySpace said Wednesday it is acquiring iLike, a popular music application on rival Facebook, in the first move by new management to restore some of its lost luster on the Internet.

The $20 million agreement to purchase iLike confirmed rumors that had circulated this week and was the first play that new CEO Owen Van Natta has made to expand MySpace’s Web footprint after a series of drastic cuts and writedowns.

ILike, which has 55 million users, will keep its headquarters in Seattle. Its management team will stay intact, with brothers Ali and Hadi Partovi in the top two slots.

Facebook, which ranked iLike among its top eight applications and the third most popular in its entertainment segment, said it did not expect the acquisition to affect its users.