Prepare for amazing:

Maybe Justin Timberlake and friends weren't so crazy after all. Myspace, the once dominant social-networking site that faded into obscurity during Facebook's rise to dominance, added 1 million new users over the past month, according to the company.

"The numbers tell an amazing story of strong momentum and dramatic change for Myspace," said Tim Vanderhook, CEO of Myspace. "And the 1 million-plus new user accounts we've seen in the last 30 days validates our approach."

Only one word for it: impressive.

"News Corp lost $254 million on MySpace, the company said as it reported revenue that beat analysts’ expectations."

"Not only did little-known ad tech company Specific Media acquire the once-mighty MySpace from News Corp. for $35 million in cash and stock today, but it secured Justin Timberlake as an equity investor and creative player in the process.<br />
"As a condition of the sale, MySpace let go of half of its 500 employees; News Corp. will retain a 5% stake in the site.<br />
"We asked Specific Media CEO Tim Vanderhook what in particular he saw in MySpace, which lost close to $651 million in the 12 months ended in March; how he got Mr. Timberlake involved; and what the plan is now."<br />
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The plan, you might say, is a bit hazy. "We want to... be a true home for content creators and artists."

Fantastic reporting as usual from BusinessWeek on how MySpace became the Detroit of social networking. "Inside News Corp., analysts say Murdoch has turned his focus to his IPad-only news outlet, The Daily. Myspace is yesterday's future."

"Yes, Myspace is still for sale.<br />
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"But, no, no one has yet made a good enough bid – in other words, at the more than $100 million level its owner, News Corp., has sought – to knock out anyone else."<br />
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Who'd be the underbidder? Actually, everyone.

"Notably, that pitch book doesn’t include any historical financial or user data about MySpace at all. Everything is projected out and forward looking, and even then it’s bleak."