After being rumored for some time now, MySpace's parent, News Corp.'s Fox Interactive Media has formally announced its agreements to acquire image-sharing site Photobucket and slide show mashup creator Flektor. Although the financial terms of the agreements were not disclosed, the rumored price has been about $250 million.
"As a leading site for creative expression, Photobucket extends our reach among personal media-sharing enthusiasts, and the innovative new entrant Flektor brings highly differentiated new tools to the table that will drive the next generation," Peter Levinsohn, president of Fox Interactive Media, said in a statement. "Together, they represent a powerful combination and we are thrilled for them to join our network."
According to a statement by Photobucket's co-founder Alex Welch, there will be no changes in day-to-day operations as Photobucket will not become part of MySpace properties, allowing standalone operation within Fox Interactive Media. The deal is not expected to boost MySpace's audience given the significant user overlap between the two. However, the deal gives Fox access to the technology necessary to further integrate their service's offerings.