LOS ANGELES — Pop star Justin Timberlake, who was in a movie about Facebook, is part of a group that said Wednesday it will buy MySpace from News Corp., a bid to add some cool to a social network that has been losing it.
Timberlake, right, will be a part owner with “a major role in developing the creative direction and strategy,” according to his partner, Specific Media.
The deal is for $35 million, mostly in Specific Media stock, according to a person familiar with the matter. The deal values MySpace at a fraction of what News Corp. paid for it six years ago and may lead to laying off about half of its 500 workers, the person said. As part of the exchange, News Corp. will receive a private-equity stake in Specific Media.
With Timberlake’s help, the buyers hope to revitalize MySpace and transform it into a destination for original shows, as well as bolster its video content and music.
