It is a case of life imitating art.
Singer-actor Justin Timberlake, who played the role of Facebook investor Sean Parker in the movie The Social Network, will take on a similar role in the acquisition of MySpace from News Corp.
The internet advertising firm Specific Media is the major name involved in the purchase of MySpace, with the deal set to conclude before the end of the New Corp. fiscal year on Thursday.
The $35-million reported purchase price is a fraction of what News Corp paid for the company just a few years ago, when MySpace was an emerging social network site. It was quickly eclipsed by FaceBook, which offered many features that MySpace was unable to duplicate before its subscribers migrated en masse to the newer social platform.
Timberlake will reportedly have a hand in the business strategy of the site.
The deal was announced Wednesday as a hurried affair that will cost Rupert Murdoch’s company millions, but the timing will allow the shedding of massive debt for the fiscal year.
Half of the 500 MySpace employees are expected to be terminated.