Ruper Murdoch's News Corporation had recently agreed to sell Myspace to Specific Media for $35 million, a fraction of the $100m it was initially seeking earlier this year.

Hours after news of the sale went public, Timberlake announced his minority stake in the company. Based on a statement provided to The Hollywood Reporter, "The Social Network" star is set to help Specific Media develop the company's future strategy and creative direction:
"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," said Timberlake in a statement.

"Art is inspired by people and vice versa, so there's a natural social component to entertainment. I'm excited to help revitalize Myspace by using its social media platform to bring artists and fans together in one community."
In an interview with AdAge, Specific Media chief executive Tim Vangerhook revealed how Timberlake had put his own money into buying Myspace, but refused to disclose how much. He confirmed that the former N Sync singer will have an office in Myspace but that he was "probably not going to be there every day".