MySpace To Acquire Photobucket For $250 Million
Tilgore Kraut - May 8, 2007
MySpace is acquiring Photobucket for $250 million in cash. TechCrunch is reporting that there is also an earn-out for up to an additional $50 million.
Photobucket has been looking for a buyer since March, when they hired Lehman Brothers to help sell the company. They were looking for $300 million or more, but may have had few bidders other than MySpace.
The companies have been in serious acquisition discussions for the last couple of weeks – A dispute that involved Photobucket videos being blocked on MySpace led to acquisition discussions, and the block was removed.
Photobucket generated $6.3 million in revenue last year and planned on hitting $25 million or more this year. They have 40 million registered users and add another 85,000 per day.
(via TechCrunch)
This entry was posted on Tuesday, May 8th, 2007 at 5:05 am and is filed under Business, Commercial, Freeware, Internet, Photo, Web services. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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October 3rd, 2007 at 10:18 am
It suks it does not make sence to meet friend from around the world your never going to meet you just get in trouble to much gossip and such.,