MySpace is reinventing itself and it’s getting some A-list backing from Justin Timberlake. The financially failing social networking site was sold to Specific Media, a digital media company on Wednesday for $35 million. The new format provides a place for fans to interact with entertainers, listen to music, watch videos and connect. Timberlake’s exact stake in the company is unknown but he released a statement expressing his excitement at helping revitalize MySpace by using its social media platform to bring artists and fans together in one community. The site was originally founded in 2003.