Justin Timberlake isn't making music these days, but he's still making moves in the music industry. The pop-star-turned-actor has just become part owner of MySpace after News Corp sold off their stake in the musician-friendly website. 

Despite MySpace's steep decline from its days as the dominant social network, Timberlake expressed confidence in a statement that the company could be a force in culture once again.

"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 ... MySpace has the potential to be that place," he said.

Timberlake, who starred in the Facebook-focused film The Social Network, won't just be a sideline player in the new MySpace, in the official announcement of the sale states that he "will play a major role in developing the creative direction and strategy of MySpace moving forward."

This isn't Timberlake's first shot at entrepreneurship: He previously launched the high end tequila brand 901, as well as the men's clothing line William Rast. 

(Photo: Jason Merritt/Getty Images)