Hi Media, a Paris based media company, acquired Fotolog, a photo sharing site based in New York. The reported price for the transaction is $90 million, in cash plus stock. Fotolog is apparently very popular in Europe and Latin America, with limited success in the US. For 2007, Fotolog, a company founded in 2002, predicts a $2.3 million revenue.

Out of the $90 million price, 77% will be Hi Media stock and 23% in cash. Hi Media will probably use its experience in micro payments and online ads (their main areas of expertise) to monetize better Fotolog.

Source: press release on Yahoo and paidContent.org

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