Though Justin Timberlake starred in a movie all about Facebook, it is a different social networking site that he now owns a piece of and is helping to promote: Myspace!

News Corp. sold Myspace to Specific Media for $35 million on Wednesday and then an unknown portion of the company was given to Justin Timberlake, who will join a staff of six at the Myspace offices.

"Justin is a tremendously bright guy who is really passionate about the opportunity for artists to build a community with fans," explained Tim Vanderhook, the CEO of Specific Media.  Vanderhook told the Los Angeles Times that he pursued Timberlake as a sharer in Myspace because of the singer/actor's star power, hoping that he will help bring popularity back to Myspace, founded in 2003.

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Timberlake, who's new movie Bad Teacher co-starring Cameron Diaz just released last weekend, released a statement about his reasons for taking a piece of the social networking site.

"Art is inspired by people and vice versa, so there's a natural social component to entertainment," Timberlake said. "Im excited to help revitalize Myspace by using its social media platform to bring artists and fans together in one community."

Because Timberlake does not have any movies lined up, has recently said he is not planning on making any new music right now, and just broke up from his longtime girlfriend Jessica Biel, it seems like the right time for the former N'SYNC star to take on a new project! 

Do you think Justin can bring some popularity back to Myspace!?

Photo courtesy of Fame Pictures