PARIS: French interactive media agency and web publisher Hi-Media has inked a €65.8 million ($89.6m; £44.5m) deal to acquire US photo-sharing and social networking website Fotolog.
The site, founded in May 2002, has seen its membership double since the start of the year to more than 10m and reports more than 700,000 daily photo uploads. Its users are concentrated in Europe and South America.
It is currently controlled by private equity firms BV Capital and 3i.
Comments Hi-Media ceo Cyril Zimmerman: "We think that social networks are one of the pillars of what the internet is and will be important in the years ahead."
Data sourced from Financial Times online; additional content by WARC staff