Justin Timberlake Acquires Ownership Stake in MySpace
Pop singer will help “lead the business strategy” of the once-mighty social networking site.
| Posted Thursday, June 30, 2011, at 2:00 PM
Here’s a case of life imitating art for you.
Justin Timberlake, who played Facebook investor Sean Parker on screen in The Social Network, has acquired an ownership stake in MySpace.
Tim Vanderhook, the chief executive of Specific Media, the advertising company that bought the once-mighty social networking site on Wednesday, isn’t saying how much the Grammy winner invested. Still, the company is promising that Timberlake will help “lead the business strategy” of MySpace moving forward.
In an interview with AdAge, Vanderhook said that he and his brother were eager to tap the “creative community” for help, and that Timberlake stood out from the start.
“We thought, 'Who is the most talented person for this?' And it was really Justin,” Vanderhook said. “We saw different groups of people, and he got incredibly passionate about it.”
Timberlake – a former ‘N Sync member, successful solo artist, actor, and occasional comedian – had this to say in a statement: “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.”
He’s hoping MySpace can be that place.
Rupert Murdoch’s News Corp. sold MySpace for $35 million on Wednesday, $545 million less than the company paid for it six years ago. Murdoch had reportedly been hoping to sell the company for at least $100 million.
