Photobucket
ontela

Photobucket To Be Valued At $60 Million In Sale To Ontela

Next Story

Video: Man breaks TV on Home Shopping Network while playing Wii

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.

blog comments powered by Disqus