Timberlake involved in MySpace purchase

The social media site MySpace has been sold for a reported $35m (€24m), mostly in stock.

Singer Justin Timberlake joined the Specific Media group in buying the website from News Corp, which paid $580m for MySpace six years ago. Users and advertisers have in the interim fled the site for other more popular social networks like Facebook and Twitter.

Timberlake will have an office at MySpace headquarters in Beverly Hills - and a staff of about six people working for him.

The partners are set to unveil their plans for reviving the flagging site in the coming months.

"As part of the deal, Emmy and Grammy winning artist Justin Timberlake will also take an ownership stake and play a major role in developing the creative direction and strategy for the company moving forward," Specific Media said in a statement.

"Specific Media and Timberlake plan to unveil their vision for the site in an exclusive press conference later this summer."

“There’s a need for a place where fans can go to interact with their favorite entertainers, listen to music, watch videos, share and discover cool stuff and just connect. MySpace has the potential to be that place,” Timberlake said.

“Art is inspired by people and vice versa, so there’s a natural social component to entertainment. I’m excited to help revitalize Myspace by using its social media platform to bring artists and fans together in one community.”

Online advertising network operator Specific Media, based in Irvine, California, was founded in 1999 by brothers Tim, Chris and Russell Vanderhook.

As part of the agreement, News Corp will take a minority equity stake in Specific Media.