New York - Hi-Media Group, a France-based Web publishing and online advertising and commerce firm, announced on Monday that will acquire New York-based Fotolog, an online social network based around photo-sharing, in a deal valued at $90 million.

Launched in 2002, Fotolog has doubled its member accounts this year to more than 10 million, and now claims 15 million monthly unique users.

The company recently began to monetize its service, launching sponsored links, banner advertising and the sale of premium services using micropayments.

Fotolog said it has also recently seen strong growth in Europe, in Italy, Portugal and Spain. Hi-Media Group said it will develop Fotolog's audiences in France and Germany, and help extend the company's advertising contracts in countries where it is already present.

"This will be one of the biggest publicly-traded Internet pure plays in Europe, bringing together Hi-Media's leading ad network and Fotolog's large and highly-engaged user base," said Fotolog CEO John Borthwick.

Related Links:
http://biz.yahoo.com/bw/070827/20070827005685.html?.v=1

http://www.hi-media.com

http://www.fotolog.com