Friday, June 1, 2007

MySpace to buy PhotoBucket for $250 million!!

MySpace one of the biggest Social network, owned by Fox Interactive Media declared that it is going to buy one of the largest photo sharing site, PhotoBucket and also Flektor Inc., a provider of Web-based photo editing software.

MySpace today has around 100 million unique visitors who have been putting up different types of content. Now. Fox Interactive Media plans to provide its users tools to create their own content.

Photobucket, itself has more than 42 million users, who upload videos, photos, which can be pasted on their own own Web sites, blogs and social networks like MySpace and also to be noted is that already 40 percent of its users have already posted content on MySpace.

Neither of the parties have disclosed the terms of this deal yet. But some other sources, have said that Photobucket deal was worth about $250 million. And one more source claimed that Flektor deal was worth about $20 million.

The two purchases are part of News Corp.'s plan to bolster its Internet businesses, which are expected to generate about $500 million this fiscal year, and about $1 billion in 2008.
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