News Corp sold Myspace for $US35 million to Specific Media on Wednesday and Timberlake is set to take a lead role in revitalising the site that catapulted the likes of Lily Allen to fame.
In a statement, the 30-year-old Social Network star said that he hopes to transform the site's fortunes, after it lost many of its users to Facebook.
'There's a need for a place where fans can go to interact with their favourite entertainers, listen to music, watch videos, share and discover cool stuff and just connect. MySpace has the potential to be that place,' Timberlake said. 'Art is inspired by people and vice versa, so there's a natural social component to entertainment.'