In 2011, MySpace was sold to Specific Media LLC and which celebrity singer/actor?

In 2011, MySpace was sold to Specific Media LLC and Justin Timberlake. The transaction followed a steep decline from MySpace’s position as the leading social-networking site, as Facebook attracted more users and advertisers.

Specific Media, a digital advertising company founded by the Vanderhook brothers, acquired MySpace from News Corporation in June 2011. The reported price was about $35 million, dramatically below the $580 million News Corporation had paid for the site in 2005. Timberlake joined the deal as an investor and received an ownership stake.

Timberlake’s involvement was more than a celebrity endorsement. He was expected to help shape MySpace’s creative direction and strategy, especially around music, artists, video, and original entertainment. The plan reflected MySpace’s earlier identity as a music-friendly platform, even though its influence as a general social network had weakened. MySpace continued operating after the sale, but the acquisition did not restore its former dominance.