Justin Timberlake is taking stake in the financially failing social networking site MySpace.
MySpace was just bought by digital media company, Specific Media, on Wednesday for $35 million.
“There’s a need for 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, 30, said in a statement.
“I’m excited to help revitalize MySpace by using its social media platform to bring artists and fans together in one community,” he continued.
“Justin is tremendously talented and passionate about the opportunities for artists to build communities with their fans,” MySpace COO Chris Vanderhook said. “He believes MySpace is a great place to do that.”
It has not been revealed just how much stake Timberlake will have in MySpace.