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Justin Timberlake Purchases Stake in MySpace

Wednesday, 06 Jul 2011 01:38 PM

Singer turned actor Justin Timberlake will now add entrepreneur to his repertoire after purchasing a stake in lagging social network, MySpace in hopes of bringing the company back to the forefront of social media, reports Perez Hilton.

He plans to reinvent MySpace by incorporating an online talent competition or musical platform for up and coming artists.

Timberlake explains, "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. MySpace has the potential to be that place . . . I'm excited to help revitalize MySpace by using its social media platform to bring artists and fans together in one community."

Specifics of the endeavor have not yet been decided.

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