Justin Timberlake buys Myspace

MySpace back? @JTimberlake and advertising network Specific Media have just closed the deal to acquire Myspace for $35 million. Justin Timberlake will take an ownership stake and develop the strategy and creative direction for Myspace.

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.

Although its clear that the focus will be on Myspace’s music features, Justin and Specific Media aim to make it the place to go for original shows and videos in addition to music. They also plan on launching socially-activated advertising campaigns, which would let users share their favorite ads with friends. I think they got this at a steal…

Previously: Game ft Justin Timberlake & Pharrell – Ain’t No Doubt About It