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At this year’s International Consumer Electronics Show (CES), which is currently taking place in Las Vegas, singer/actor Justin Timberlake, co-owner of MySpace, announced the company’s plan to release MySpace TV in an exclusive deal with Panasonic:

“We’re ready to take television and entertainment to the next step by upgrading it to the social networking experience. 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?

“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. And, we no longer have to crowd around the same one to experience it together.”

The MySpace TV box is set to include access to over 100,000 songs and 40 million music videos, with plans to expand into the areas of news, movies, sports, and more.

Check out the full announcement in the video below: