Justin Timberlake has teamed up with a US advertising agency to buy Myspace from News Corp.

The singer and actor, who starred as Facebook investor Sean Parker in The Social Network, took a stake in the company along with the online advertising firm Specific Media.

But the $35m (£22m) price paid falls short of the $100m (£62m) News Corp is believed to have wanted.

it is also a fraction of the $580m (£362m) that Rupert Murdoch handed over for the website in 2005.

As part of the exchange, News Corp received a private equity stake in Specific Media and less than a 5% stake in Myspace.

With Timberlake's help, the buyers hope to revitalise Myspace and transform it into a destination for original shows, as well as bolster its already available video content and music.

"There's a need for a place where fans can go to interact with their favourite entertainers," Timberlake said.

"I'm excited to help revitalise Myspace by using its social media platform to bring artists and fans together."

The sale crystallises the dramatic decline in a company that was founded in California in 2003 but has in the last three years been eclipsed by the explosive growth of competitor Facebook.

:: News Corp owns a controlling stake in BSkyB, the parent company of Sky News.