MySpace just sent out an advisory that it will be holding a press conference shortly at 11:45 PT. CEO Owen Van Natta will be making an announcement (which , incidentally, will be his first public statement since taking over last April).

MYSPACE announcement—PRESS CALL INVITE

WHAT: MySpace invites you to attend a press conference call today to be briefed on breaking company news.

Could this be the official announcement that MySpace is buying iLike, the acquisition that got away from Facebook and Amazon? That’s our guess. Deal negotiations were progressing smoothly last we heard.

What we want to know is what will happen if Facebook now decides to cut off iLike, which is the most popular music app on the rival social network.

More details soon, as we cover this live.