Traditional social networking rivals Facebook and MySpace have said they are in talks about sharing content.

Facebook has reportedly said it’d be happy to feature content from MySpace now that the two are moving in different directions.

The Telegraph newspaper quoted Facebook’s chief operating officer Sheryl Sanderberg, “Facebook is focussing on building the best technology which helps people share content, while at MySpace they are focussing on more a content-led strategy.

“We would like to have their content, as we already do with many other sites, shared across our network because it is good for our users.”

MySpace boss Owen Van Natta – who left Facebook in April to lead News Corp’s social network – confirmed the talks by adding that Facebook is about “core communication” while MySpace is about “congregating around popular content”.

He said that Facebook was no to be a large part of MySpace’s future.

Seems odd to me, but Facebook has more than 300 million users now, while MySpace lags behind with 124 million so it’s not surprising the site is looking at ways of appealing to more people.

In the past 12 months Facebook has extended its dominance in every territory in Europe, but that doesn’t mean it’s terminal for MySpace. The battle certainly isn’t over yet and a combination of the two would be mutually beneficial because ultimately, it would attract more advertisers and give them greater opportunities to target a wider and more diverse audience.

The question now is, I mean about this Yahoo/Microsoft style partnership, is whether it’ll come up against regulatory approval. And what does it mean for Twitter – the current social media darling? It means a while new war.