'Social network' star Justin in MySpace deal

Thursday June 30, 2011

Justin Timberlake apparently wasn't satisfied with just playing a social media empresario in the movies, so now he's becoming one in real life.

The pop star, who starred in The Social Network, a movie about Facebook, has joined Specific Media in buying its rival, MySpace, from News Corp.

Timberlake will have an office at MySpace's Beverly Hills headquarters.

And a staff of about a half dozen people working for him "around the clock" developing his ideas for the site, said Specific Media boss Tim Vanderhook.

"When we met with Justin and we discussed what our strategy was, we hit a chord with him," said the businessman.

"One of his passions is he really enjoys helping other artists and creating a community for people to really express themselves.

"I think we were blown away that we were able to get someone like Justin to be so excited about what we were doing."

The deal is for 35 million dollars (£22 million), mostly in Specific Media stock, according to sources close to the deal.

That's a small fraction of the 580 million dollars (£360 million) that News Corp paid for the site six years ago.

With Justin's help, the buyers hope to revitalise MySpace and transform it into a destination for original shows, as well as bolster its already available video content and music.

Photo: © Rex

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