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Justin Timberlake has joined forces with California advertising agency Specific Media to purchase the social media site MySpace. The deal was priced at $35 million, which is just 6% of what the former owner News Corp paid for MySpace in 2005. Timberlake plans to take an active role in shaping the strategy of the social networking site going forward.

Rupert Murdoch, the owner of News Corp, had previously stated that he was looking to sell the site for at least $100 million, so the fact that he would accept $35 million is a good indication of how far quickly MySpace has declined in the last three years. In 2008, MySpace still ranked as the world's largest social media site, but it has been unable to cope with the explosive growth of Facebook since that time.