Justin Timberlake may have hung a "TBD" sign on his musical career, but the singer/actor is still beefing up his resume. He not only has taken ownership stake but has been named the Creative Director of MySpace after Specific Media acquired the ailing social networking site for $35 million in cash and equity. Does this news make you want to re-activate your long dormant account?

Timberlake won critical raves when he starred as Napster co-founder Sean Parker in 'The Social Network,' which chronicled the rise of Facebook, the entity which eventually usurped MySpace's web crown. He will also take an ownership stake in MySpace. How's that for irony?

Specific Media and Timberlake are planning a press conference to reveal their vision for the declining music and social networking site. The presser will be held later this summer.

But for now, Timberlake had this to say about his new role in MySpace: "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. Art is inspired by people and vice versa, so there's a natural social component to entertainment. I'm excited to help revitalize MySpace by using its social media platform to bring artists and fans together in one community."

The head honchos of Specific Media are looking forward to "the opportunity to rebuild and reinvigorate MySpace," which floundered when media mogul Rupert Murdoch and his News Corporation bought the company during a bidding war. News Corporation will hold a minority equity stake in Specific as part of this deal. The rest of the details are, and will remain, confidential.

Can Justin Timberlake be the force that turns MySpace around? We'll strap ourselves in for the ride.

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