As the old saying goes – if you can’t beat em’, join em’. Which is exactly what MySpace has done.

At a press event yesterday afternoon, MySpace and Facebook announced an expansion of their existing partnership by allowing users of the ‘new Myspace’ to login using their Facebook details.

MySpace now has a ‘connect with Facebook’ button on its homepage that enables a number of new sharing features.

The companies have christened the feature, “Mashup with Facebook” – which is essentially what it does. By pressing the ‘connect with Facebook’ button you are allowing MySpace to access your Facebook information and pull in your likes and interests, which will in turn be displayed on your MySpace profile.

MySpace also has plans to integrate ‘Like’ buttons across the site, meaning MySpace content like music and videos will start getting shared back to Facebook.

It’s clear that MySpace is under no disillusion that Facebook is the dominant social network and that it’s better to be with them than against them.

Entertainment is something that Facebook has always lacked, and social networking was never MySpace’s strong point (hence it’s downfall). So looking forward, we can expect to see some interesting developments between the two.

Who knows what the future may hold, MyBook? FaceSpace? Predictions below please.