Palo Alto, Calif. - Three weeks after reaching a preliminary deal, MySpace parent Fox Interactive Media (FIM) officially announced on Wednesday that it will acquire photo sharing site Photobucket for an undisclosed sum.

Earlier this month, The Wall Street Journal reported the value of the deal to be $250 million in cash.

FIM, a division of News Corp., also announced a separate deal to acquire Culver City, Calif.-based Flektor, a developer of tools that allow users to edit video and audio and embed it on websites, blogs or social network profile pages.

FIM's properties include MySpace, IGN Entertainment, FOXSports.com and AmericanIdol.com.

Palo Alto, Calif.-based Photobucket is expected to remain a standalone site, with its technology and tools also being embedded in other FIM sites.

Related Links:
http://biz.yahoo.com/bw/070530/20070530005639.html?.v=1   

http://press.photobucket.com/blog/2007/05/important_photo.html

http://www.flektor.com