French Internet company Hi-Media,operator of one of Europe’s largest ad networks and micro-payment services, completed its acquisition today of Fotolog. The $90 million deal was first announced last August. Since then, Fotolog has added two million more members for a total of 13 million, and claims 3.9 billion page views a month. Fotolog trails behind MySpace’s PhotoBucket and Yahoo’s Flickr. CEO John Borthwick is moving on to his incubator/investment fund Betaworks.
by
Erick Schonfeld
on
November 28, 2007
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224 comments - Chrome OS And The Microsoft Squeeze
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1 year to close a buy out? Those lawyers are really fast aren’t they? I know I would be at 350/h.
Congrats to the whole Fotolog team!
http://www.quan...com/fotolog.com
That is quite impressive! I wonder if other big international sites will sell soon, like friendster, or Hi5?
@Chris : The deal between fotolog and hi-media was announced august 2007. Therefore, it’s 3 months, not 1 year.
Its the boom time for acquisitions,all budding companies are making use of it for hefty amount.
I wish i bought that domain name long time ago
*log that
*log this
*log
techlog.com get it?
@4, thanks Greg. That’s still way too long to draft a contract.
Congrats to Fotolog
Photo blog and social networking now goes to ad network. Ad networks only need a way to get eye balls!! Just like google does in blogger case….
Disclosure needed, I believe.
If I recall from posts over a year ago, Michael Arrington is an investor and/or advisor to Daylife and Betaworks appears to be one of the venture capital firms invested in Daylife.
Cheers,
Doug
@7, Chris: the deal took longer than usual because of the international aspects of the deal, plus we had to go through a French regulatory approval step (SEC-like) that took about 2 months.
$ 2.3 million in revenues and no profits for $ 90 million. If every would get such valuations I could be a billionaire …
Not a great outcome considering their traffic numbers.
@ Ginger Ale : The deal between Fotolog and Google is very recent. Thus it’s just the beginning of monetizing. It’s one of Hi-Media’s specialties to do so … so I believe it’s a fair price they have paid. The future will tell.
http://www.alle...og-deal-wi.html
Over-paid!
http://fakestev...er.blogspot.com
Congrats to Michael and the rest of the guys!