Justin Timberlake Takes Ownership Stake in MySpace

Singer plans to refocus the brand on entertainment

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MySpace was sold today for $35 million to the largely unknown advertising network Specific Media, but as it turns out, the ownership stake in the company will go to a household name: Pop icon and movie star Justin Timberlake.

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Timberlake and Specific Media have plans to refocus the MySpace brand on entertainment, with original music, videos and programming. "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 in a statement. "Art is inspired by people and vice versa, so there’s a natural social component to entertainment."

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There is some degree of irony in Timberlake taking over MySpace. Last year the singer starred as tech entrepreneur Sean Parker in The Social Network, the hit film which told the origin story of Facebook, the site that supplanted MySpace as the dominant social media empire.