The actor and singer has reportedly purchased an ownership stake in MySpace, along with fellow buyer Specific Media. The former N’SNYC member, who played Facebook president and Napster co-founder Sean Parker in The Social Network, will help revamp the diminished website, which the pair just purchased for a mere $35 million from News Corp. According to the Associated Press, Timberlake will take an office at the MySpace headquarters in Beverly Hills, and have a staff of about six people working for him “around the clock,” as Specific Media CEO Tim Vanderhook put it. Specific Media hopes that Timberlake’s celebrity and sway in the music community can help MySpace build upon its success with musicians.
MySpace has been on a downward spiral for years, driven deeper as Facebook skyrocketed in popularity. The $35 million deal is a bargain compared to the $580 million News Corp paid for the site in 2005. (Facebook first launched in 2004.) That’s a loss of $545 million, or 94 percent of the company’s investment. Despite this, News Corp will retain a 5 percent stake in MySpace.
Vanderhook says that, with Timberlake’s help, they can breath new life into the website by focusing on video content, including original shows. The new MySpace will also involve a major upgrade in technology, as well as the an effort to maintain the rights to music that was posted to the site through its partnership venture with major record labels, MySpace Music. MadOne
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