Today, Hi-Media (HIM.PA), a French publicly traded company, has announced that it is acquiring Fotolog (my employer) for approximately $90 million in a 23% cash and 77% stock transaction.
Hi-Media was founded in 1996 and currently the Hi-Media Network is the French leader in interactive marketing and the third largest in Europe.
Last year, in April, we had 3 million members and 100 million photos. Today, the number is more than 10.5 million. We are also very close to reaching 300 million photos.
"Hi-Media was attracted by Fotolog, which has only just begun converting its strong audience growth into revenues. We think that social networks are one of the pillars of what the Internet is and will be important in the years ahead, especially when underpinned by simple mechanisms. We are also convinced that Hi-Media can benefit substantially from Fotolog’s efforts to generate maximum revenues from its audience thanks to the advertising and micro-payment services that Hi-Media has developed over the past decade. In addition, we believe that the expertise and experience of the Fotolog teams who are joining us will allow us to reinforce and accelerate the development of our publishing division." -- Cyril Zimmermann, CEO of Hi-Media
Like everyone else here, I am excited. I think Fotolog will be a good match for Hi-Media.
More resources:
Official press release
Hi Media acquires Fotolog - Paid Content
Fotolog Acquired by French Ad Network - Om Malik
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New PR Group
Andrei Bogolubov, 917-849-9300
Andrei.Bogolubov at newprgroup.com
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