06/29/2011 at 07:00 PM EDT
MySpace is reinventing itself – and a good makeover needs some A-list input.
, 30, is taking a stake in the financially failing social networking site that was sold to Specific Media, a digital media company, on Wednesday for $35 million.
"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," Timberlake said in a statement first posted by The Hollywood Reporter
"I'm excited to help revitalize MySpace by using its social media platform to bring artists and fans together in one community," he continues of the site that was originally founded in 2003.
There is no word on specifically how much of a stake Timberlake will own, but the company's COO Chris Vanderhook is excited to have him on board.
"Justin is tremendously talented and passionate about the opportunities for artists to build communities with their fans," he tells PEOPLE. "He believes MySpace is a great place to do that."
With reporting by AILI NAHAS