Justin Timberlake has received an ownership stake in MySpace as part of the website's sale to Specific Media, it has been announced.
Specific Media, which earlier today purchased MySpace from News Corp., announced Timberlake's involvement as both an owner and shaper of where the company plans to take the social network.
In a recent follow-up release Specific Media stated: "As part of the deal, Emmy and Grammy winning artist Justin Timberlake will also take an ownership stake and play a major role in developing the creative direction and strategy for the company moving forward."
They added: "Specific Media and Timberlake plan to unveil their vision for the site in an exclusive press conference later this summer."
In the meantime, the company says MySpace will become "the premiere digital destination for original shows, video content, and music."
This is not Timberlake's first business venture. He's the co-owner of clothing brand William Rast, owner of the Mirimichi Golf course in Memphis, Tenn., founder of Tennman Records, and creator of 901 Silver Tequila.
In November of last year, Timberlake was also an investor in a $2 million round of funding in photo start-up Stipple, as well as investing in app maker Tapulous, which was acquired by Disney last year.
Timberlake recently played Napster founder Sean Parker in The Social Network," the Oscar-winning film about the creation of MySpace rival Facebook.
