If you can't beat'em, join'em; MySpace surrenders to Facebook

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Today, MySpace and Facebook held a press conference to announce a new partnership, or more of an official surrendering ceremony for MySpace.

The short press conference only lasted a couple of minutes, but as expected, MySpace will be using Facebook Connect for users to quickly register and login through the social networking website. The login was spotted earlier on this week but it wasn't fully functional just yet. Mark Zuckerberg wasn't even in attendance, a slap in the face to MySpace's CEO Mike Jones, instead vice president Dan Rose appeared to announce the deal.

The non-financial agreement will just allow people to register to MySpace with their Facebook credentials, while the site will take as much information as possible, whatever your privacy settings allow, to be gathered and help manage targeted ads and content for you. Businessinsider.com posted the entire seven minute announcement and a quick four minute Q & A.

What is a very embarrassing surrender for MySpace might bring some short-term life back into the site, while it continues its downward spiral. Even with the recent redesign to the website, a likely shutdown of the website seemed imminent to most, as News Corp continues to lose millions of dollars keeping the site alive.

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