Justin Timberlake buys his own social network

News Corp sold Myspace for £22 million to Specific Media and Justin Timberlake last night.

Rupert Murdoch’s News Corp purchased the social network for £361 million in 2005. The company will keep less than a 5% stake in the website.

The new owners say they plan to “rebuild and reinvigorate” the site by making it a place to consume media and meet celebrities. It has tried to position itself as a music network in recent years in a bid to compete with Facebook and Twitter.

In conjunction with the sale, Myspace cut half of its 450 employees.