In June 2009, Myspace employed approximately 1,600 employees.[14][15] In June 2011, Specific Media Group and Justin Timberlake jointly purchased the company for approximately $35 million.[16] On February 11, 2016, it was announced that Myspace and its parent company had been purchased by Time Inc.[17][18] Time Inc. was in turn purchased by the Meredith Corporation on January 31, 2018.[19]