Myspace Bought by Specific Media and Partnering with Justin Timberlake

Last week, Myspace was bought for $35 million by the online advertising firm Specific Media. The previous owner, Rupert Murdoch’s News Corporation, paid $580 million in 2005 to buy the then thriving online network. Myspace was the forerunner of Facebook and the harbinger of the exalted place social networking would come to have throughout the online landscape. However, Myspace was eclipsed long ago by its sleeker competition.

Now, under new ownership, Myspace will attempt a revamping to re-energize its brand and to more successfully beckon users back into its virtual fold. To that end, Justin Timberlake, who seems to have not gotten enough social media theory in his turn as Sean Parker (Facebook) in “The Social Network,” has entered this economic scene. The pop and R&B singer has paid an undisclosed amount for a minority stake in Myspace, but the more interesting fact is that Justin will actually have an office in the Myspace building and lead a team of six. According to the press, Mr. Timberlake will be acting as a creative director and play a significant role in charting the refocusing efforts of the Myspace brand.

A Myspace press conference has been scheduled for August 17. Present will be the new Myspace management, the Specific Media folks, and Justin Timberlake.

Article by Pierre Zarokian of iClimber, a Social Media Marketing Company.