Justin Timberlake takes MySpace ownership stake

If there were any concerns about whether MySpace will continue to live on as a service that's tied to music culture, the new owners are trying to put that to rest. One of them being pop star Justin Timberlake.

Specific Media, which earlier today

MySpace sells to Specific Media for $35 million

The once-massive social network has been sold in a deal that's rumored to sit at $35 million. The buyer is advertising network Specific Media.

, announced Timberlake's involvement as both an owner and shaper of where the company plans to take the social network.

"As part of the deal, Emmy and Grammy winning artist Justin Timberlake will also take an ownership stake and play a major role in developing the creative direction and strategy for the company moving forward," Specific Media said in a follow-up release. "Specific Media and Timberlake plan to unveil their vision for the site in an exclusive press conference later this summer."

In the meantime, the company says MySpace will become "the premiere digital destination for original shows, video content, and music."

How much of an investment Timberlake put in to the deal, which is rumored to sit at $35 million, is unknown.

This is not Timberlake's first business venture. He's the co-owner of clothing brand William Rast, owner of the Mirimichi Golf course in Memphis, Tenn.,

Justin Timberlake signs YouTube star to new record label

Esmee Denters, 18, got her start by making low-tech karaoke videos and is the first artist to be signed to the new label.

, and creator of 901 Silver Tequila. Back in November of last year, Timberlake was also an investor in a $2 million round of funding in photo start-up Stipple, as well as investing in app maker Tapulous, which was acquired by Disney last year.

Timberlake famously

Eisenberg, Timberlake cast in Facebook movie

In "The Social Network," "Adventureland" star Jesse Eisenberg will play Facebook founder Mark Zuckerberg and pop star Justin Timberlake will play entrepreneur Sean Parker.

Napster founder Sean Parker in "The Social Network," the Oscar-nominated film about the creation of MySpace rival Facebook.