Fiber network operator Level 3 Communications Inc. has signed a multi-year agreement to transmit Internet content, including video, for the popular social networking site MySpace.com, Level 3 announced Friday.Level 3, which offers Internet capacity in 82 markets, will initially support MySpace in some markets, the company said in a statement.

“We selected Level 3 because of the proven performance of its network and Level 3’s ability to support increasing high bandwidth demand,” Aber Whitcomb, chief technology officer of MySpace, said in a joint statement issued by Level 3.

MySpace’s video site had 20 million visitors last month, trailing Yahoo Inc. (Nasdaq:YHOO - news)’s site, which had 21 million, according to comScore Media Metrix. Last month, MySpace.com was the seventh most visited site online with 43.5 million, according to media-research company Nielsen/NetRatings

Level 3, which reported a loss of $201 million for the quarter ending June 30, has been on a buying spree. Its revenue jumped 71 percent over the same quarter the previous year to $819 million from $371 million, partly on its acquisition of WilTel Communications, ICG Communications and Progress Telecom. It closed its $1.1 billion cash-and-stock acquistion of privately held TelCove Inc. last month and expects to close its purchase of data transport services company Looking Glass this quarter.