Can Justin Timberlake Save Myspace?

While everyone was buzzing about the Myspace deal, you probably didn't know who helped buy it: singer, actor and producer Justin Timberlake.

Timberlake has joined Irvine, Calif.-based Specific Media in the purchase of Myspace from News Corp. for $35 million, and will be an integral part of the site's facelift. In a case of life imitating art, Timberlake played Napster co-founder Sean Parker -- the entrepreneur with a rock star persona who helped turn Facebook into a social media giant -- in the award-winning film The Social Network.

Specific Media CEO Tim Vanderhook said Timberlake will have an office at the Myspace Beverly Hills headquarters and will have a half dozen staff members working "around the clock" to help develop his ideas for the downtrodden site.

Specific Media hopes to return Myspace -- formerly known as MySpace -- "to what it was supposed to be," Vanderhook said in a statement.

Preliminary plans seem to focus on the site's musical roots, which is where Timberlake comes in. "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," he said in a statement. "Myspace has the potential to be that place."

Myspace will continue to maintain key relationships with major recording companies for the right to stream music, in addition to increasing its platform for video sharing.

Official plans for the revamp will be released within the coming months.