Justin Timberlake involved in £21m Myspace buyout

Justin Timberlake buys stake in MySpace following its £21m purchase by Specific Media, six years after News Corp bought the music-based social network for £361m

Just months after T3 reported on the prospect of a MySpace buyout, the site has finally been sold by News Corp, six years after Rupert Murdoch stumped up £361 million for the then massive social network. It has been bought by Specific Media for a reported £21 million - £41.5m less than its original price tag.

As well as Specific Media, Justin Timberlake has also stumped up to get involved with MySpace, perhaps taking his part in last year’s The Social Network a touch too seriously. The pop star and actor, who played Facebook investor Sean Parker in the Hollywood hit, will apparently take up “a major role” in MySpace’s “creative direction.”

The site was originally on the market for £62.5m however, News Corp accepted the £21m offer, perhaps with a sigh of relief.

It's not been a good few years for MySpace. The website, which has seen a steep decline in users since 2008, has lost billions of dollars from its price tag and only this year announced it was to slash 500 jobs from its global workforce.

However, it remains popular with musicians and record labels, but in a world where it’s becoming easier than ever to upload and share tracks in myriad ways, how long will this last?

For more on this and the rest of the day’s gadget and tech news, stay tuned to our Facebook and Twitter pages.

Via BBC

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