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After being purchased last year by Specific Media and actor/musician Justin Timberlake, MySpace is readying a digital rebirth of sorts with plans for a relaunch in late 2012. Having been purchased back in 2005 by News Corporation for an estimated $580 million USD, the fledgling site that was once the most visited social media platform saw its value plummet to only $35 million USD in 2011. Preliminary plans sees Specific Media reaching out to advertising agencies, saying “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.” In recent years the brand has repositioned itself away from pure social media towards a focus on entertainment. With Facebook recently going public, it seems only apropos that one of the godfathers of the way we interacted on the internet is looking to gear back up.