Today, we learned MySpace had been sold for $35 million to an advertising network called Specific Media. Now, the company says singer Justin Timberlake will take an ownership stake in MySpace and play a role in its future.

According to MySpace, we should know more about Specific Media's and Timberlake's vision for the the company later this summer.

“There’s a need for a place where fans can go to interact with their favorite entertainers, listen to music, watch videos, share and discover cool stuff and just connect. MySpace has the potential to be that place,” Timberlake said in a statement. “Art is inspired by people and vice versa, so there’s a natural social component to entertainment."

Timberlake and Specific Media plan on focusing the site on entertainment, aiming to make it the place to go for original shows, videos and music. They also plan on launching "socially-activated advertising campaigns," according to the statement, which would let users share their favorite ads with friends.

We'll have more when we hear it.

Image courtesy of Flickr, edwardk662