Troubled social network MySpace, it was announced Tuesday, has been sold to a group of investors that includes R&B singer / actor Justin Timberlake for a reported $35 million.  Specific Media, who will be the majority owner after the deal, said that Timberlake will be taking on an ownership stake and will play a major role in developing the website's future strategy.

The company added that the plans it and Timberlake have for the once-mighty social network will be revealed this summer at an "exclusive press conference."  There weren't many details offered to accompany the news about the sale Tuesday, other than Specific's plan to make MySpace a "premiere digital destination for original shows, video content and music."

"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," said Timberlake in a statement after the deal was announced. "Myspace has the potential to be that place. Art is inspired by people and vice versa, so there's a natural social component to entertainment. I'm excited to help revitalize Myspace by using its social media platform to bring artists and fans together in one community."

According to sources, the MySpace Music joint venture, which allows the site to stream music for free, will remain intact after the sale, with the new owners assuming control of the licenses that allow the site to offer free access to music.