News Corp has finally managed to offload MySpace, a website it bought back in 2005 for $580 million, selling the site for just $35 million (£22 million).

Specific Media, one of the rumoured buyers, is the company that signed on the dotted line for MySpace and it has been revealed that popstar turned actor Justin Timberlake will take an ownership stake in the flagging social network and push the music side of the business.

"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," says Timberlake about the acquisition.

"Art is inspired by people and vice versa, so there's a natural social component to entertainment. I'm excited to help revitalise Myspace by using its social media platform to bring artists and fans together in one community."

Bringing MySpace back

Timberlake, who played web entrepreneur Sean Parker in the Social Network, will play a major role in the re-invention of the website and will be part of the day to day activities of the site.

Having Timberlake on board is a bizarre twist to what has been a torrid few years for MySpace. News Corp will have a minor 5 per cent stake in the company, but it will be glad to see the back of a social network which has shed $545 million of its value in a mere six years.

Tim Vanderhook, CEO of Specific Media, is confident that his company and Timberlake can turn the fortunes of MySpace around.

"We're thrilled about the opportunity to rebuild and reinvigorate Myspace," said Vanderhook.

"We look forward to partnering with someone as talented as Justin Timberlake, who will lead the business strategy with his creative ideas and vision for transforming Myspace. This is the next chapter of digital media, and we are excited to have a hand in writing the script."

Script? Timberlake? They do know this is real life, right?