Justin Timberlake to take ownership stake in MySpace!

MySpace has been sold for $30-40 million, which is well below the $100 million price tag, accoring to the Wall Street Journal. In 2005, News Corp paid $580 million for MySpace back when it was still the big man on campus.  News Corp is expected to layoff half of MySpace's 500 staff members, but will retain a small stake in the company. There were a number of groups interested in buying the site, but now it will be sold to Irvine, Calif.-based Specific Media, which helps marketers buy ads online, and private-equity group Golden Gate Capital.

According to Mashable, Justin Timberlake is involved in the sale as well. He is said to be taking a stake in the ownership of the site. Specific Media and Timberlake will unveil more details on their vision later this summer.

Here is what Timberlake had to say:

“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.”

The plan is to focus the site on "entertainment, aiming to make it the place to go for original shows, videos and music." In addition, they plan to launch “socially-activated advertising campaigns,” which would let users share their favorite ads with friends.

I guess this makes sense, seeing as how music and enetertainmnet has taken over the site as of late. What are your thoughts on this news?

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