Valleywag.com reported that Photobucket has concluded terms of a sale to Myspace, News Corporation's social network. The announcement of the deal may be as early as this morning. After final negotiations at the end of last week, Photobucket has called an all-hands staff meeting for 10am PST this morning. I don't have the financial details of the deal, but Photobucket, and its bankers Lehman Brothers, were looking for at least $300m.
Photobucket, founded in 2003 by Alex Welch and Darren Crystal, took off in 2005. The deal should be good news to those who had piggybacked on Myspace phenomena growth but then again only Photobucket is the only one who had been in the limelight. Congratulations to the whole team of Photobucket.
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