Specific Media Confirms MySpace Acquisition [$35 Million Deal Makes Specific Media & Justin Timberlake New Owners of MySpace]

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MySpace has a new owner. While NewsCorp bought the social network at $580 million, the rumored $35 million acquisition has been confirmed. Guess who’s the new owner?

Specific Media’s CEO, Tim Vanderhook, has confirmed that his company has acquired the ailing social network, and will be revitalizing the company, with the aid of singer-turned-actor Justin Timberlake. Timberlake will get an ownership stake (NewsCorp also retains minor ownership), and will be running the music side of the business.

Timberlake says MySpace has a lot of potential in the music industry, with artists and fans interacting. Meanwhile, Specific Media is confident that this is the direction that MySpace needs to take to turn around from has-been social network to a reinvigorated community that brings artists and fans together.

MySpace has made previous attempts to bring entertainment and social media together before, though, so we wonder what the strategy will be this time. Will Justin Timberlake help resurrect MySpace?

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