Specific Media did indeed agree to buy MySpace yesterday. They’ll pay $35 million in cash and stock for the site (NewsCorp paid $580 million in 2005 and was asking $100 million for the site.) Whoops.

But there may be hope for the punch line of a social network. Justin Timberlake played moneybags in the Myspace sale. He was an equity investor in the Specific Media deal and will have an office and team at Myspace. But chances are that he’s not going to be bringing it on down to Omeletteville (a.k.a. Myspace HQ) too often. He is signed on to be a sort of creative guide.