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The top story on the social Web this week is Facebook's acquisition of social media aggregator FriendFeed. The transaction is reported around $50 million. FriendFeed's traffic is an estimated 1 million visitors per month which is minute compared to Facebook's 250 million. With a recent Facebook valuation of $10 billion though, the numbers...

After turning down a $500 million buyout offer from Facebook earlier this year, rumors have been flying about Apple, Microsoft, and Google acquisitions of

Some promising news from the MySpace camp comes with the pending acquisition of the number one music application on Facebook, iLike. The deal is set to close around $20 million and puts Facebook in an uncomfortable position, with it's number one social media competitor owning one of the top applications on the Facebook platform.