News Corp has sold MySpace for a huge loss to a group of buyers that includes Justin Timberlake.
The new owners paid $35 million for the ailing site which is a huge loss on the $580 million News Corp paid for it six years ago.
Timberlake will have an office at MySpace's Beverly Hills headquarters and a staff of about a half dozen people working for him "around the clock" developing his ideas for the site, said Specific Media boss Tim Vanderhook.
"When we met with Justin and we discussed what our strategy was, we hit a chord with him," Vanderhook said. "One of his passions is he really enjoys helping other artists and creating a community for people to really express themselves. I think we were blown away that we were able to get someone like Justin to be so excited about what we were doing."
The partners are set to unveil their plans for reviving the flagging site in a couple of months.