Specific Media, an Irvine based media firm, has acquired MySpace, a social entertainment site for consumers and celebrities. As part of the deal Specific Media brought Justin Timberlake on board to create a strategic vision to reinvent the MySpace brand.
“We’re thrilled about the opportunity to rebuild and reinvigorate Myspace,” said Tim Vanderhook, CEO of Specific Media. “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. This is the next chapter of digital media, and we are excited to have a hand in writing the script."
MySpace was purchased from Rupert Murdoch’s News Corporation, which will take a minority equity stake in Specific Media. However, representatives from the company say the terms of the acquisition are confidential and will not be disclosed.
The media company says its advertising clients will now have access to the social media site, which is home to nearly 70 million online viewers and 20 million mobile consumers. Specific Media will bring its advertising technology and Fortune 500 client base to Myspace, creating what they call a “digital hub” where consumers, content, and brands can converge based on mutual interest.
Specific Media plans to keep the MySpace name while restructuring the site into “the premiere digital destination for original shows, video content and music,” according to the firm. Timberlake will provide the creative vision for the updated site.
“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,” said Timberlake. “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.”
Special Media will host an exclusive press conference later this summer to present this new vision for the site.
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