MySpace Srikes Preliminary Deal To Acquire Photobucket For $250 Million
MySpace, part of Rupert Murdoch’s News Corp, has reached a preliminary deal to acquire Photobucket, the world’s top photo-sharing site, for around $250 million in cash, a source close to the deal said today. Many of MySpace’s members use Photobucket’s bank of images to design and decorate their pages.Photobucket is also popular on sites such as Friendster, Facebook, Craigslist, Bebo, eBay, Blogger and Xanga. According to Hitwise, Photobucket controls nearly 40 percent of the US online photo market, this is four times more than second-ranking Yahoo!.
The four-year-old startup, based in Palo Alto, California, has signed up 41 million registered users, up from 32 million at the end of last year and 2 million in 2004. It now hosts nearly 2.8 billion images on the site.
The agreement with MySpace, the world’s top online meeting place, is tentative according to the source. The two companies are well aligned and a deal worth a quarter billion dollars would seem hard to resist, for Photobucket’s two founders Alex Welch and Darren Crystal.
More details about the possible merger are surely to surface over the next several days.
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