It sounds like the start of a very media in-joke. Yes, the Twittersphere is frantic with reaction to the news that Justin Timberlake, together with Specific Media has acquired the beleagured ‘entertainment destination’.

Justin Timberlake, far right, pictured here with Madonna and Iggy Pop. Either of whom will probably resurrect Friendster or PlanetAll at any moment.

According to an official press release quoted by Reuters, Timberlake thinks that MySpace has the potential to be a place where “fans can interact with their favourite entertainers, listen to music, watch videos, share and discover cool stuff and just connect.” Bless him. 

This might not be as barmy an arrangement as it sounds. Timberlake has released exclusive music through MySpace as recently as 2008, and while usage figures for the site have undoubtedly seen a sharp decline from its heyday, MySpace still claims some impressive audience figures.

On the other hand, Timberlake’s comments could be interpreted as shockingly naive. Quite how much cash has exchanged hands is at this stage unclear, but I doubt it approaches anything like Fox’s initial investment of $580m. (Just heard it's about $35m, ouch! -Ed.)

Still the idea that Timberlake woke up one morning and thought, “I know, I’ll buy MySpace!” is an engaging one. We hadn’t ever heard of Specific Media before tonight, but you can bet they’ll be a familiar name by the end of the week.

Perhaps it's time to reactivate that old profile, or maybe you should wait for Beyonce to announce that she and Tina Knowles own the controlling stake in Yahoo!

(Obviously any references to pop stars other than Mr Timberlake making bizarre media purchases are entirely speculative. Good luck JT, you're gonna need it -Ed.)