Justin Timberlake buys stake in MySpace

Justin Timberlake buys stake in MySpaceThe site was the most popular social networking forum in 2006, until its users flocked to Facebook.com - but Timberlake is hoping to change that by focusing on music.

After taking a stake of the website, the star will take on a lead role as part of MySpace''s 35-million-dollars acquisition by online advertising network Specific Media from News Corporation, reports Contactmusic.

A statement from the pop star/actor read, "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. 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,” the statement added.

Specific Ceo Tim Vanderhook adds, "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.”


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