When media titan News Corp. first purchased MySpace in July, 2005, for $580 million, they didn’t think of selling it just six years later for $35 million. Now, Justin Timberlake and two investors have announced big plans for a rebuilt MySpace.

The new MySpace website is currently in beta testing with select users, you may request an invite here or preview its features and design in a promotional video here.

The new Myspace will let users connect to the site with their Twitter or Facebook accounts, a sign that it won’t be competing with those sites as a social networking service. Rather, Myspace will continue with its entertainment focus, as a place to play and discover music, add photos, videos and playlists and connect with artists.