Lots more details are coming in on the Photobucket fire sale by MySpace/News Corp. The sale is all but complete, say new sources. And the buyer is definitely Washington state based Ontela.
Ontela, a mobile photo upload and storage service, is backed by Disney’s Steamboat Ventures, among others.
Steamboat Ventures is said to be putting $40 million or more in additional capital into Ontela. Most of that will go to News Corp., valuing Photobucket at $60 million, say multiple sources. A portion of the new funding will go into the merged entity.
MySpace acquired Photobucket back in 2007 for $250 million, plus a $50 million earnout. This new deal marks that valuation down by almost 83%.
MySpace won’t answer queries about this story (in fact, they seem to have cut us off completely after this slightly critical story last week). Ontela keeps sending us to voicemail.
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