Business Services Industry
News buys photo site to cover all bases.
Australasian Business Intelligence, May, 2007
Byline: Robert Guy
May 31, 2007 (The Australian Financial Review - ABIX via COMTEX) -- News Corporation has acquired internet image site Photobucket for a reported $US200m ($A243m). The site allows its users to store photographs and videos used in other social networking sites, such as News Corp's MySpace or Facebook. About 75 per cent of the images on these sites are linked to Photobucket, generating 30 million visitors a month. The acquisition highlights the desire by News to protect its $A1.2bn MySpace investment. In April 2007 Photobucket had blocked MySpace users from posting its images.
Publication Date: 1 June 2007
NEWS CORPORATION - ASX NWS
PHOTOBUCKET INCORPORATED
MYSPACE
FACEBOOK INCORPORATED
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