Myspace is taking a new direction says the company’s co-owner Justin Timberlake… you remember Myspace right?

The company used the Consumer Electronics Show on Monday night to make a big announcement featuring Mr. Timberlake.

The former social networking site is being rebranded as a real-time television watching network and will now be called “Myspace TV.”

“The future of Myspace is about what you’re going to do. About who you’re going to become,” Timberlake explained. “Myspace TV is the first foray into that future.”

“We’re ready to take television and entertainment to the next step by upgrading it to the social networking experience,” said JT. “Why text or email your friends to talk about your favorite programs after they’ve aired when you could be sharing the experience with real-time interactivity from anywhere across the globe?”

Sounds Interesting… well more interesting than the current site.

Myspace is hoping to bring itself back to being the huge and popular site it once was by offering services its arch nemesis Facebook cannot.

“As the plot of your favorite drama unfolds, the joke of your favorite SNL character plays or even the last-second shot of your favorite team swishes the net, we’re giving you the opportunity to connect your friends to your moments as they’re actually occurring. This is the evolution of one of our greatest inventions, the television,” said Timberlake.

Will Justin bring Myspace back just like he did with “sexy?”