Hi-Media Group will acquire Fotolog Inc. for $90 million in cash and stock.
Launched in May 2002, New York-based Fotolog is a social network (www.fotolog.com) that provides a platform for members to share experiences and connect with others across the globe through daily photo postings. Hi-Media is a European online marketing firm.
While Fotolog will maintain its current headquarters and staff in New York, Fotolog’s technical and product teams will be coordinated and integrated with Hi-Media’s teams in France.
The transaction is expected to close before the end of November.
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