The pop star and the new management of Myspace will explain their ideas at a press conference Aug. 17.
Irvine, Calif.-based online ad network Specific Media said Wednesday afternoon that it had bought Myspace from News Corp. The deal was for $35 million, mostly in stock.
Hours later, Specific Media said in a second release that Timberlake had become a part owner and would be a creative force behind the social network's revival.
Timberlake wasn't mentioned in the deal's initial announcement because his partnership agreement hadn't been completed until just before Specific Media's Myspace purchase was made public.