Fotolog acquired for $90mil

Fotolog, a New York based social network with over 10 million members, has been acquired by the Hi Media Group for $90 million USD.

Hi-Media Group has agreed to acquire Fotolog Inc. for approximately $90 million in cash and stock. The company is a New York-based social network and photo-sharing site that asks users to post a single photo every day. It claims to have more than 10 million members. The company has raised about $11 million from BV Capital, 3i Group and other investors since 2004.