Specific Media, Justin Timberlake to Try and Bring Sexy Back to Myspace
Posted on June 30, 2011Specific Media has acquired Myspace from News Corporation. News Corporation will take a minority equity stake in Specific Media as part of the agreement. Terms of the agreement were not disclosed, but Myspace was reportedly sold for $35 million, a fraction of the $580 million News Corp paid for it.
Tim Vanderhook, Specific Media CEO, says, "Myspace is a recognized leader that has pioneered the social media space. The company has transformed the ways in which audiences discover, consume and engage with content online. There are many synergies between our companies as we are both focused on enhancing digital media experiences by fueling connections with relevance and interest. We look forward to combining our platforms to drive the next generation of digital innovation."
Justin Timberlake reportedly has a stake in Specific Media. Maybe he can bring some sexy back into Myspace. The timing may also be good for Myspace to attempt a comeback with Google launching its Google+ social network.
Specific Media said in a statement, "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. Specific Media and Timberlake plan to unveil their vision for the site in an exclusive press conference later this summer."
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