** I’m thinking ole JT needs to evaluate his business decision. Myspace’s numbers have decreased every year for the past 3 years and the last investors are still pointing finger at “the other guy” for the dumb decision. Lets hope JT knows something we don’t. The last time I checked my Myspace page…. it was someone else….

LOS ANGELES (AP) — Justin Timberlake apparently wasn’t satisfied with just playing a social media impresario in the movies, so now he’s becoming one in real life.

The pop star, who played Napster co-founder Sean Parker in “The Social Network,” a movie about Facebook, has joined Specific Media in buying its downtrodden rival, MySpace, from News Corp. in a deal that closed Wednesday.

(MORE: Myspace Sold for $35 Million with ‘Significant Reduction’ of Staff Imminent)

Timberlake will have an office at MySpace’s Beverly Hills headquarters and a staff of about a half dozen people working for him “around the clock” developing his ideas for the site, said Specific Media CEO Tim Vanderhook.

The partners are set to unveil their plans for reviving the flagging site in a couple of months.

“When we met with Justin and we discussed what our strategy was, we hit a chord with him,” Vanderhook told The Associated Press. “One of his passions is he really enjoys helping other artists and creating a community for people to really express themselves. I think we were blown away that we were able to get someone like Justin to be so excited about what we were doing.”

The deal is for $35 million, mostly in Specific Media stock, according to a person familiar with the matter. That’s a small fraction of the $580 million that News Corp. paid for the site six years ago. The sale resulted in the layoff of about half of the site’s remaining 500 workers, said the person, who was not authorized to speak publicly and spoke on condition of anonymity.

As part of the exchange, News Corp. received a private equity stake in Specific Media and less than a 5 percent stake in MySpace.

With Timberlake’s help, the buyers hope to revitalize MySpace and transform it into a destination for original shows, as well as bolster its already available video content and music. Vanderhook said the revamp will include additional investment in technology and maintain the right to stream music through the joint venture it has with major recording companies, MySpace Music.