MySpace parent company Viant has sold a majority stake to New York’s Time Inc. for an undisclosed amount.

Using Viant’s technology, Time Inc. wants to better target ad delivery to specific audiences, track digital devices and measure the return on investment its marketing clients receive from their advertisements.

Viant of Irvine purchased MySpace of Beverly Hills with singer Justin Timberlake in 2011 for $35 million. The once dominant social media network changed directions in 2013, transforming itself into a website for musicians to connect with their fans.

However, Time Inc.’s purchase of Viant had less to do with MySpace and more do with its parent company’s digital advertising software. Viant’s cloud-based software allows brands and agencies to buy, target and track digital advertisements.

“This acquisition is game changing for us,” Time Inc. Chairman and Chief Executive Joe Ripp said in a statement. “Marketers are selecting media partners that have either data-driven capabilities or premium content; we will be able to deliver both in a single platform, and will stand apart from those that offer just one or the other. In other words, we will be able to deliver advertisers’ messages targeted to optimal audiences across all types of devices, along with the ability to measure ROI.”

The fate of MySpace.com was not announced.

Technology reporter Garrett Reim can be reached at [email protected]. Follow him on Twitter @garrettreim for the latest in L.A. tech news.