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MySpace cutting loose Photobucket

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Oct 20, 2009 

Author

Gavin Dunaway  |

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MySpace cutting loose Photobucket

ADOTAS – It seems like just the other day News Corp. acquired digital photo sharing site Photobucket via its social media enclave MySpace, but the courtship appears to have been short-lived. Sources have informed TechCrunch is this close to being sold to Ontela, a startup mobile photo upload and storage service.

The price tag is $60 million, with $40 million in venture capital supplied by Disney’s Steamboat Ventures. That’s an 83% decline from what News Corp. paid in 2007 — $250 million as well as a $50 million earnout.

Onatela’s service, developed with Verizon, costs users $2.99 a month. In March, Onatela inked a deal with Photobucket to send uploaded mobile pics to their appropriate photobucket accounts.

Both MySpace and Onatela seem to be maintaining radio silence. However, if the deal comes to fruition, Onatela could seriously increase its presence in a burgeoning marketplace.

Tags: acquisitions, MySpace, News-Corp. and onatela

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