Perhaps Justin Timberlake can help Myspace get back *NSYNC.

Rupert Murdoch’s News Corp (News - Alert). has reportedly sold Myspace for $35 million to ad company Specific Media, who has teamed with Timberlake. Specific Media is a digital media company driving viewership for content owners, engagement for brands and relevance for consumers.

It is a startling turnaround for the once hugely popular social media site, which was founded in 2003 by Chris De Wolfe and Tom Anderson and sold for $580 million in 2005 to News Corp.

At the height of its popularity three years ago, Myspace, founded as a way for friends and fans to connect with one another and their favorite bands and artists, boasted around 80 million visitors – substantially more than Facebook (News - Alert). That figure had been cut in half to about 40 million by this year.

An inability to deal with its rapid ascent, as well as increased competition from Facebook, might have sealed Myspace’s fate, at least Myspace in its current format. The news reiterates how what’s hot in social media can change overnight.

According to the Associated Press (News - Alert), Specific Media, with Timberlake's help, hopes to transform Myspace into a destination for original shows, as well as bolster its already available video content and music content.

“When we met with Justin and we discussed what our strategy was, we hit a chord with him,” Specific Media CEO TimVanderhook told The Associated Press. “One of his passions is he really enjoys helping other artists and creating a community for people to really express themselves. I think we were blown away that we were able to get someone like Justin to be so excited about what we were doing.”

Want to learn more about the latest in communications and technology? Then be sure to attend ITEXPO West 2011, taking place Sept. 13-15, 2011, in Austin, Texas. ITEXPO (News - Alert) offers an educational program to help corporate decision makers select the right IP-based voice, video, fax and unified communications solutions to improve their operations. It's also where service providers learn how to profitably roll out the services their subscribers are clamoring for – and where resellers can learn about new growth opportunities. To register, click here.