How was that old saying… If you can’t beat them… ah yes, join them. That’s the apparent motto of Myspace now as the social network has joined hands with arch-enemy Facebook and introduced the Mashup feature to ‘borrow’ content from the latter.

With Mashup with Facebook, Myspace users can port the ‘likes’ and ‘interests’ in their Facebook page so as to have their stream updated with entertainment content hosted by MySpace. This is supposed to deliver more relevant content to Myspace members, while also helping them connect to users with similar tastes in music, movies and such.

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“We are thrilled to further our collaboration with Facebook through Mashup with Facebook. This new feature is a great illustration of our strategy around social entertainment and enabling the real-time stream. The stream is one of our most popular features on Myspace, and it is now delivering an even richer entertainment experience of relevant content for our users to enjoy,” said Mike Jones, CEO of Myspace. “I’m particularly excited because so many people will be able to have the immediate satisfaction of enjoying their own entertainment program that they have customized themselves as well as connecting to all their passions and to the Myspace community at large.”

Mashup with Facebook is available globally so you can already take advantage of it. Also, don’t freak out when the Facebook Like button pops up in Myspace, that’s part of the deal.