Ailing social network has been sold for $35 million

Justin Timberlake has become part-owner of MySpace after the ailing social networking site was sold to advertising network Specific Media for $35 million (£22 million) yesterday (June 29).

Timberlake has confirmed that he is partnering with Specific Media and will have a role in deciding the future direction of the site.

According to Mashable.com, Timberlake said of the purchase: “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.”

MySpace has the potential to be that place. Art is inspired by people and vice versa, so there’s a natural social component to entertainment.”

The sale price of $35 million for MySpace marks a huge loss for Rupert Murdoch‘s NewsCorp who bought the social networking site in 2005 for $580 million (£360 million) and has now sold it for less than a tenth of that.

Once the most powerful social network on the planet and credited by some with launching the careers of Lily Allen, Kate Nash and Arctic Monkeys, the site had just over 34.8 million members last month, with its rival Facebook netting over 157 million in the same time.