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Summary:

The worst-kept secret is official … as Rafat wrote last night, News Corp. is admitting, I mean announcing, that FIM (NYSE: NWS) has acquir…

The worst-kept secret is official … as Rafat wrote last night, News Corp. is admitting, I mean announcing, that FIM (NYSE: NWS) has acquired photo-sharing service Photobucket. The site will continues as a standalone with Alex Welch in charge (not sure about titles) and same staff but its tools and technology will be used across FIM. The price was not announced, but it is a total of $300 million, with an earn-out element involved.

In addition, FIM picked up Culver City-based Flektor, a self-funded next-gen tools and storage site still in beta that could be seen as complementary. That site was founded by Jason Rubin, Andy Gavin and Jason Kay. It, too, will be standalone with current staff and management but its technology will be integrated with FIM.

No terms disclosed on either. Release.

Update: We’ve confirmed from sources close to the deal that the purchase price for Photobucket was $300 million.

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  1. Sramana Mitra Wednesday, May 30, 2007

    What's next? Microsoft acquires <a href="http://sramanamitra.com/blog/1038">Shutterfly</a&gt;?
    Looks like Microsoft doesn't have a play in yet another important category … <a href="http://sramanamitra.com/blog/997">Photo Sharing category overview here</a>, if you want to speculate who else might be a target!

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