Specifice Media, together with Justin Timberlake, have agreed to spend $35 million to buy MySpace from News Corp, the media company that paid $580 million for the site six years ago. According to news reports, Timberlake will have an office in the companies Beverly Hills headquarters, and wants to return the site to it's originally created purpose.

MySpace launched in 2003 as a way for musicians and artists to interact with fans, and grew to a user base of 76 million monthly users before being overtaken by Facebook. The idea is to streamline MySpace and allow new discovery and interaction opportunities between fans and artists.