Justin Timberlake must have been inspired to take his own position in the social networking world after staring in The Social Network.
According to the Hollywood Reporter, Timberlake is planning on teaming up with Myspace to create a new talent competition through the social networking site.
After the introduction of Facebook, Myspace nearly fell off the map, but the pop star seeks to change that. Johnny Wright, Timberlake’s longtime manager, believes that a new way of engineering artists will be at the core of the revamp of Myspace.
Myspace has recently been overtaken by new management. Alongside Timberlake, the new managers of the social networking site will announce full details regarding the site in a press conference on Aug. 17.
The new Myspace will now be managed by Specific Media, a California based online ad network operator. The website was bought by Specific Media this past Wednesday from News Corp.
Specific Media purchased the website for approximately $35 million, mainly in stock.
Timberlake is listed as a partial owner of the new website. He is said to be the creative force behind the social network’s revival with his own office and staff. Timberlake’s part in the deal was decided a brief 30 minutes before Specific Media announced its purchase of Myspace.
Nicole Winnaman, Timberlake’s longtime branding executive, is said to have sparked the idea of the partnership between Timberlake and Specific Media. Winnaman knew people at Specific Media, mainly founding brothers, Tim, Chris, and Russell Vanderhook, and quickly asked Wright for approval to explore a partnership.
The team met up last week at the Los Angeles International Airport for a meal and a conference call with Timberlake who was in New York at the time. Sources say Timberlake is anxious to get started on the project.