NewsCorp bought MySpace in 2005 for $580m (£362.8m) when it was the most popular social network, but put it up for sale last year.

It relaunched at the end of last year with a complete rebrand and redesign, repositioning itself as a music platform to set itself apart from the increasing competition.

However, NewsCorp’s profits fell 24%in the first quarter of this year, compounded by $165m losses at MySpace, despite job cuts and cost-cutting.

Specific Media has now snapped up MySpace, deploying Justin Timberlake, who will take an ownership stake, to be its face as a creative director.

The plan is to “evolve MySpace into the premier digital destination for original shows, video content and music”, while its social networking infrastructure is expected to be integrated into Specific Media’s ad campaigns, generating social and viral elements.

Yesterday (29 June) Google launched its own much-anticipated social network, Google+. This lets users share status and content with friends, much like Facebook, but also includes video messaging and mobile elements that go beyond other social platforms’ current offerings.

This story first appeared on New Media Age. For more digital stories and analysis from NMA click here now