Justin Timberlake Proves To Be Real VC-Man With Ownership Stake In MySpace

As life imitates art, Justin Timberlake who appeared in the award-winning movie "The Social Network" was also satirized in the graphic novel, "Facebucks & Dumb F*cks." As VC-Man, the novel parodies the actor playing the real-life venture capitalist Sean Parker. Today, it was announced that JT will assume that role in real-life with a joint acquisition deal with Specific Media to buy MySpace from Rupert Murdoch's News Corp.

In the book, Mark Zuckerberg (aka Z-Man) was enamored with the role played by Justin Timberlake because of his "hacker" and "rogue" reputation that followed him from Sean Parker's early years in helping to launch Napster (aka Robster).

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Now Timberlake gets a chance to help mold his own Internet company. But was it the right opportunity to seize in the social media space? Unfortunately in the last few years, MySpace has spiraled downward significantly losing followers and value as fast as Facebook was acquiring them.

According to a CNET report, MySpace was purchased by News Corp in 2005 for a whopping $580 million as a means to help drive traffic to Fox's TV and other media outlets. Today's acquisition by Specific Media and Timberlake came it at  6 percent of that stake - a steal at $35 million.

How much Timberlake actually ponied up to the deal is unknown, but it has been reported that he will play a major role in developing the creative direction and strategy for the company moving forward. Working off his experience and cache in the world of entertainment, Timberlake will help return MySpace back to its original focus on music. With this deal, it was noted it will become a place where "fans can interact with their favorite entertainers, listen to music, watch videos, share and discover cool stuff, and just connect."

At this bargain-basement purchase price, it does give the former Mickey Mouse entertainer a lot of latitude to experiment, but according to Kara Swisher at All Things Digital, when asked "what lesson came from the MySpace debacle and what advice (she) would give to the new owners, she was emphatic when she said, 'Don't suck.'"

And if "Facebucks and Dumb F*cks" is correct in their belief in what weight and value followers have over valuations, VC-Man might just take a lesson from Z-Man when he was told that a billion dollars isn't as important as a billion followers. And as we all are aware - Facebook is well on its way to that milestone - leaving MySpace with a major gap to play one serious game of catch-up.

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Sep 25, 2011
by Anonymous


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