Justin Timberlake to Be Part of Group Buying and Managing MySpace

News Corp sold MySpace for $35 million dollars – $545 million less than the original $580 million purchase price – Wednesday to a company Justin Timberlake is apparently part of, Forbes reported.

The company responsible for acquiring MySpace, Specific Media, is a global media agency that sells advertisement in several platforms, and expects to team up with Timberlake in order to give MySpace a new vibe.

Forbes reported that according to Specific Media, Timberlake would also own part of the company in addition to "playing a major role in developing the creative direction and strategy for the company moving forward."

Although no official road map for MySpace's future has been announced, Timberlake, in a separate statement to the news outlet, revealed what seems to be the new vision for MySpace: "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."

Acquired in 2005, MySpace was the world's fastest-growing social networking website at its peak and the largest in the U.S. before Facebook toppled it in 2008.

Since then, not only has MySpace's user-base been dwindling but also the number of staff members and the amount of revenue have decreased.

In an announcement Wednesday, MySpace said it would lay off most of the 400 employees at the social networking company.