Justin Timberlake Buys Stake In Myspace As Part Of $35 Million Deal

Justin Timberlake has taken a stake in the purchase of Myspace from News Corp, it has been revealed.

The singer/actor is now set to take a 'major role' in the new direction of the social network site after becoming part of the group that has bought MySpace from News Corp in a deal worth $35 million, reports The Guardian.

In a statement Timberlake said: ''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.

"Art is inspired by people and vice versa, so there's a natural social component to entertainment. I'm excited to help revitalise Myspace by using its social media platform to bring artists and fans together in one community."

Myspace has lost millions of dollars since it was knocked off its place as the dominant social network site in 2008.