As expected, MySpace has been sold by News Corp. to ad-targeting company Specific Media for $30 million to $40 million.

Not expected was Specific’s announcement about MySpace saying that "Justin Timberlake will take an ownership stake [percentage not released] in the social-media site ‘and play a major role in developing the creative direction and strategy for the company moving forward,’ according to Deadline.com.

The article continues, "Specific Media and Timberlake say they plan to evolve MySpace into the premiere digital destination for original shows, 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 says in the release. ‘Art is inspired by people and vice versa, so there’s a natural social component to entertainment. I’m excited to help revitalize Myspace by using its social media platform to bring artists and fans together in one community.’ "

News Corp. paid $580 million for MySpace when it purchased the social networking site in 2005.