Pop musician – actor Justin Timberlake is one of the people who, on Wednesday, said are intending to buy MySpace from News Corp and add some cool features to boost up the number of users, Associated Press announces
Justin Timberlake will enter a partnership with the company Specific Media and will become part owner of the social network. The company’s representatives said that Timberlake will play “a major role in developing the creative direction and strategy for the company moving forward.”
Specific Media will pay a sum of 35 million dollars, mostly in the stock of the company, source tells. In the contract, News Corp is specified to receive a private equity stake in Specific Media. News Corp bought MySpace six years ago and the present price values the website at just a fraction of the price paid back then. The price in 2005 was 580 million dollars. But the website was not as promising as thought, with musicians, actors and other celebrities migrated to other social networks – Facebook, Twitter – for promoting their latest news and events.
According to the exchange, News Corp will sell 95% of the website to Specific Media, according to a source that wanted to remain anonymous. The deal was closed later on Wednesday.
Justin Timberlake spoke about his own vision of the future of MySpace. He said in a statement that the users need more interaction with their favorite stars and more things to do online. “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”, the performer said. “MySpace has the potential to be that place.”
Specific Media stated that it’s looking forward to the collaboration with Timberlake “who will lead the business strategy with his creative ideas and vision for transforming MySpace.” It is clear that the new owners are bidding on the music artists as a start for MySpace to reconnect with its celebrity roots.