Justin Timberlake has taken an ‘ownership stake’ in Myspace

Justin Timberlake is now one of a number of owners of MySpace.

The Social Network star has bought into the social network, partnering with US online ad agency Specific Media in a £22m deal.

Timberlake, who famously played Napster founder Sean Parker, hopes to turn around the ailing fortunes of the platform that launched such heavyweights as Sean Kingston. “There’s a need for a place where fans can go to interact with their favourite entertainers. I’m excited to help revitalise MySpace by…bringing artists and fans together” he said.

At its 2007 peak, the site that made us all friends with a strange man called ‘Tom’ and gave us Lily Allen, was valued at £7.5bn. The Timberlake deal is just 6% of the cost Rupert Murdoch’s News Corp paid for MySpace back in 2005.

The Telegraph reports that MySpace will now focus it’s efforts on music and unfriend half of it’s 500 staff in the deal.

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