So shadowy digital repo concern Specific Media took MySpace off News Corp.'s hands for the joke sum of 35 million dollars. Thirty-five million dollars isn't cool. You know what's cool? Thirty-five billion dollars. And how do you make that much money? By getting Justin Timberlake to align his triple-platinum swag with your cobweb-strewn social networking relic.

In a statement provided to The Hollywood Reporter just hours after news of the sale went public, the infrequent recording artist and star of The Social Network announced his minority stake in the company, and said he'll be personally "taking a lead role" in guiding MySpace out of the online gutter and back into relevance.

Here's his strategy:

"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. Myspace has the potential to be that place," said Timberlake in a statement.

"Art is inspired by people and vice versa, so there's a natural social component to entertainment. I'm excited to help revitalize Myspace by using its social media platform to bring artists and fans together in one community."

Current mood: Delusionally hopeful.

[THR, photo via Getty]