NEW YORK (

TheStreet

) -- MySpace is collaborating with Facebook to provide its users with a personalized stream of entertainment content relevant to the interests they have listed on their Facebook page.

Mashup with Facebook gives MySpace users content updates related to what they "like" on Facebook as well as topic page and profile recommendations. The personalized content is streamed to their MySpace page through Facebook connect.

"Sharing entertainment and music interests is part of many of our friendships, online and off," vice president of

Facebook

partnerships and platform marketing Dan Rose said. "MySpace is giving people an easy way to bring their favorite bands, celebrities and movies from Facebook to create a personalized experience on MySpace from the start."

MySpace parent company

News Corp.

(NWSA) - Get Report

released its

first quarter earnings on Nov. 3

in which it posted a decline in its digital media group revenue. The company attributed the drop to lower search and advertising revenues at Myspace.

"We've been clear that MySpace has been a problem," News Corp. COO Chase Carey said on the quarterly conference call. "We had to rebuild the business."

The company recently relaunched MySpace with a focus on "social entertainment." Management made adjustments in its cost structure by reconsolidating ad sales, and intends to focus on getting the business to a sustainable level.

-- Written by Theresa McCabe in Boston.

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