Singer and actor Justin Timberlake is to take a “major role” in the new Myspace after he emerged as an investor in the $35 million deal for the ailing social network. The major partner in the deal is online advertising company Specific Media.

Timberlake will “lead the business strategy” for the broken social network, the Specific Media chief executive Tim Vangerhook, said.

News Corp will retain a minority stake in Myspace after putting the struggling social network up for sale earlier this year.

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