Justin Timberlake buys MySpace!

Justin Timberlake is ready to play a “major role” in the new direction of MySpace after he emerged as one of those behind a $35m deal for the ailing social network site. The singer turned actor took a stake in MySpace along with the online advertising company specific media. JT, the unlikely entrepreneur will “lead the business strategy” said media chief executive Tim Vangerhook while announcing the $35 million dollar deal on Wednesday afternoon.

Asked whether he thought Timberlake had been inspired by his star turn in The Social Network, Vanferhook said: “I don’t think it was so much that – that was just ironic. He’s really passionate about how can he create a better community.

Timberlake said in a statement: “There’s a need for a place where fans can go to interact with their favourite entertainers, listen to music, watch videos, share and discover cool stuff and just connect. MySpace has the potential to be that place.

MySpace has shed billions from its price tag after being dethroned as the world leading social networking site in 2008 by online monster Face book and is also expected to shed more than half it’s 500 remaining staff as part of the deal following a 30% staff reduction in April last year which was followed by 47% cut in January. Two years ago MySpace employed more than 1,400 people.