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Justin Timberlake Starred in Facebook Film, But Puts Real Money In MySpace

Posted on Wed Jun 29, 2011 04:15 PM PDT

TimberlakeMySpace230.jpgJustin Timberlake starred in The Social Network, the movie about Facebook, but it was announced Wednesday that he will take an ownership stake in MySpace and help revamp the site.

Timberlake will " ... play a major role in developing the creative direction and strategy for the company moving forward," said a press release. The plan for the site, which was sold today by News Corp to Specific Media for $30-40 million (well below its $100 million asking price), is to hone its focus on 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," Timberlake said. "MySpace has the potential to be that place."

News Corp bought MySpace for way more back in 2005 ... see how much they paid after the jump!

News Corp purchased MySpace for $580 million in 2005 -- before Facebook left it in its social media dust.

Now, after today's sale, half of MySpace's 500 employees will be let go.



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