According to Music Week, MySpace.com owners have been putting out feelers with advertising agencies with a view to relaunch the site by the end of the year.
The ailing social media site was bought last June for $35 million by online advertising Specific Media. Justin Timberlake also invested cash in the company as part of the deal with a view to take a significant role in the site's new direction.
Rupert Murdoch's News Corp originally bought the site for $580m in 2005. After the purchase, the site saw a large decline in visitors and Murdoch labeled the purchase a mistake.
Specific Media's senior communications manager for Europe Rikki Webster told Music Week that the hunt for a new advertising agency was still in its early days:
"MySpace will look to roll out consumer-facing activity towards the end of this year, at which time we'll most likely undertake a formal pitch, but nothing is happening at this time."
MySpace was the most visited social networking site in the world between 2005 and early 2008. In the last few years, MySpace has looked to reposition itself away from social media with a focus on music and entertainment. Timberlake is believed to be keen to promote the site's involvement in artists' creativity.
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