As the social network MySpace is revamping and reinventing itself, Justin Timberlake has decided to be part of the process.

The 30 year old singer and actor is taking stake in the networking site. MySpace was sold to Specific Media, a digital media company, on Wednesday for $35 million. The site was originally founded in 2003.

The new MySpace is taking a new focus on music. It will be a hub for all artists to post their music and videos.

'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, Timberlake said in a statement to The Hollywood Reporter. I'm excited to help revitalize MySpace by using its social media platform to bring artists and fans together in one community.

It is unclearly on how much of a stake Timberlake will own.

Justin is tremendously talented and passionate about the opportunities for artists to build communities with their fans, MySpace COO Chris Vanderhook told People Magazine. He believes MySpace is a great place to do that.