Pop star Timberlake plans to revamp MySpace

LOS ANGELES – Pop star Justin Timberlake is part of a group that said it will buy MySpace from News Corp., a bid to add some cool to a social network that has been losing it for some time.

Timberlake will become a part owner and play “a major role in developing the creative direction and strategy for the company moving forward,” according to Specific Media, the company that he will partner with.

The deal is for $35 million, mostly in Specific Media stock, according to a person familiar with the matter. The deal values MySpace at a fraction of what News Corp. paid for the site six years ago and paves the way for the layoff of about half of its 500 workers. News Corp. will receive an equity stake in Specific Media.

The buyers hope to revitalize MySpace and transform it into a destination for original shows, as well as bolster its video content and music.

“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 in a statement.

News Corp. bought MySpace for $580 million in 2005, but users, advertisers and musicians who once relied on it for promotion fled the site for other hotter social networks like Facebook and Twitter.