Justin Timberlake has bought a controlling stake in MySpace.
The singer-turned-actor and new owners Specific Media have plans to turn the social networking website into a major entertainment portal, incorporating original music, video and programming after purchasing the site for just $35 million from previous owners News Corp, who paid $580 million for the domain over six years ago.
“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,” Justin said.
“Art is inspired by people and vice versa, so there’s a natural social component to entertainment.”
Specific Media promise Justin who last year appeared in The Social Network, which examined the origins of rival social networking website Facebook will play an active part in overhauling the website, which is also set to feature “socially-activated” advertising campaigns.
The company’s CEO Tim Vanderhook said, “We look forward to partnering with someone as talented as Justin Timberlake, who will lead the business strategy with his creative ideas and vision for transforming MySpace.
“This is the next chapter of digital media, and we are excited to have a hand in writing the script.”
Under the terms of the deal, News Corp will receive a private equity stake in Specific Media and a less than five per cent interest in MySpace.