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Justin Timberlake Invests in MySpace Relaunch

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He played a spurned Facebook co-founder to great acclaim in The Social Network, and now Justin Timberlake wants to help out one of its former rivals: MySpace.

According to The Hollywood Reporter, the 31-year-old singer and actor has invested an undisclosed amount in the flagging social networking site, which was just acquired for $35 million by Specific Media, an online advertising network.

Related: PHOTOS: Justin's busy dating life

Once a hugely popular social networking site in its own right which helped launch music artists, among other things, MySpace has faltered in recent years with the huge growth of Facebook. Under Specific Media, the new MySpace aims to focus on music.

"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,” Timberlake said in a statement.

Related: PHOTOS: Justin's style evolution

"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."

Timberlake will have an executive title at MySpace, to be revealed later this summer.

Related: PHOTOS: Justin's bygone romance with Jessica Biel

Specific CEO Tim Vanderhook added: "We look forward to partnering with someone as talented as Justin Timberlake who will lead the business strategy with his creative ideas and vision for transforming MySpace."

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