Pop star Justin Timberlake has taken a major stake in troubled social media site Myspace.

According to an announcement from the Social Network actor, her intends to make Myspace “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 made his announcement soon after news broke that MySpace had sold to online advertising company Specific Media for $35 million in cash and equity. News Corp. bought Myspace in 2005 for $580 million.

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