According to the group, dubbed Specific Media, Timberlake will become a part owner and play “a major role” in developing the creative direction and strategy for the company.
The deal is worth $35 million, mostly in Specific Media stock, and is a fraction of what News Corp. paid for the site six years ago.
With Timberlake’s help, the buyers hope to revitalise the defunct MySpace site and transform it into a destination for original shows, as well as bolster its already available video content and music.
Timberlake said that there is a need for a place where fans can go to interact with their favourite entertainers, listen to music, watch videos, share, discover “cool stuff” and just connect.
MySpace has the potential to be that place. Funny really, in Timberlake’s day that place was the mall, in my day it was around Ian McDonald’s place who was the only guy in Paekakariki who had a colour telly.
Less than half of MySpace’s 74 million monthly visitors are now in the United States, and its visitor count dropped by half in May to 35 million. It is not certain if Timberlake and his mates can restore the outfit’s tattered image.
Still, Specific Media said it looked 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. We’ll see.