Justin Timberlake to buy stake in Myspace POP music sensation Justin Timberlake will take an ownership stake in entertainment website Myspace, Mashable reported today, following news that the company had been sold to advertising network Specific Media by News Corp for $US35 million. Timberlake, who shot to fame in the boy band 'N Sync and received rave reviews for his role in the Oscar-winning film The Social Network, will play a role in Myspace's future, Mashable reported, adding that the company would disclose more information about Timberlake's role later this summer. 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," Timberlake said. Art is inspired by people and vice versa, so there's a natural social component to entertainment. Timberlake and Specific Media plan on focusing the site on entertainment, with a plan in place to make the site an online destination for original shows and music. Earlier Wednesday, News Corp sold Myspace for $US35 million to Specific Media, an advertising network. Myspace CEO Mike Jones announced the move in an email to his 400-person staff, about half of which will be let go as part of the deal. Jones himself will depart in two months. News Corp, which also owns NewsCore, will hold on to five to 10 per cent of the company. Read more on the Myspace takeover at Mashable. News Corp is the parent company of news.com.au