Myspace, the one-time social networking stalwart, is hoping to get a new lease on life with a full-scale relaunch planned for later this fall. The new Myspace was built "entirely from scratch" and follows the sale of the troubled site to Specific Media and Justin Timberlake in June of last year.

A preview video of the new Myspace shows that the new version of the site will sport a completely overhauled new look that seems to take a few cues from Pinterest, Tumblr and Users will be able to log in via Facebook and Twitter in addition to creating their own native profiles. The new profile features a large background image with a smaller profile photo in the upper left-hand corner. A stream of photos and status updates is arranged to the right of the screen in a manner that will be familiar to anyone who has used Pinterest.

In addition to the renewed focus on user profiles, the new Myspace will also allow users to create, share and discover music playlists, find music events, and, of course, interact with celebrities. There are also new tools for artists designed to help them communicate intelligently with their fan base(s).

Timberlake and Specific Media purchased Myspace for just $35 million in 2011 from News Corp. A prior redesign in 2010, including a controversial new logo ("My____") and a shift of focus to content discovery as opposed to social networking, had failed to rekindle interest. In 2005, Myspace, then the most popular social networking site in the world, sold to Rupert Murdoch's company for $580 million.