It has been reported that Paris-based Hi-Media is acquiring New York-based company Fotolog for $90 million. The payout will be by a combination of cash and stocks. Hi-Media is an interactive media company.
This deal will make Hi-Media one of the biggest pure-play online companies in all of Europe as they are currently ranked the continent’s third interactive advertising agency and provide electronic micro-payment solutions in France.
Fotolog started in 2002 and is currently one of the Alexa 25 companies according to GigaOM.com, who broke the story yesterday morning.